{"id":102305,"title":"Crypto Hackers Set for Record Year After Looting Over $3 Billion.","publisher":"Share Talk","author":"sharetalk","published":"2022-10-13T06:01:27+00:00","modified":"2022-10-13T06:01:27+00:00","canonical_url":"https://www.share-talk.com/crypto-hackers-set-for-record-year-after-looting-over-3-billion/","markdown_url":"https://www.share-talk.com/crypto-hackers-set-for-record-year-after-looting-over-3-billion.md","json_url":"https://www.share-talk.com/crypto-hackers-set-for-record-year-after-looting-over-3-billion.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Fintech","Future Tech","Technology","Technology, Media & Telecoms"],"tags":["Arthur Cheong","attacks","Crypto","cryptocurrencies","CYBER","cybercrime","DeFiance Capital","Hackers","North Korean","Share Talk"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Although cryptocurrencies have crashed this year, they are still a source of digital cash for hackers.\n\nAccording to Chainalysis Inc., at least $718 million was stolen in October alone. This brings the total amount of hacks for the year to $3 billion. 2022 is on track to set a new record for the total value.\n\nThe majority of targets are so-called Decentralized Finance — or DeFi — Protocols, which use software-based algorithms to allow crypto investors to trade on, borrow, and lend on digital ledgers, without the need for a central intermediary.\n\nHackers are adept at finding weaknesses in the DeFi marketplace security, coding, and structure. This puts the responsibility on crypto players, given DeFi’s importance for crypto adoption.\n\nhttps://twitter.com/chainalysis/status/1580312149557026817?s=20\n\nChainalysis announced Thursday that October is the most active month for hacking activity in 2022. They also stated on Twitter that bridges between blockchains were a major vulnerability.\n\nIn the last few days, two major hacks have rocked the crypto sector. The first was a Heist in which a hacker stole approximately $100 million from DeFi service Mango by manipulating its token price. In the process, the perpetrator destroyed depositors on DeFi service Mango (1).\n\nTwo million Binance Coins, which is roughly $570 million, were minted last week and stolen by a hacker. According to a Binance statement, the remaining $100 million was not recovered and was frozen.\n\nState-sponsored hacking has made DeFi platforms a common target. Chainalysis estimates that approximately $1 billion worth of crypto was stolen by North Korean-affiliated groups from DeFi protocols in the first quarter of this year."}