---
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"
date: 2022-10-13
canonical: "https://www.share-talk.com/crypto-hackers-set-for-record-year-after-looting-over-3-billion/"
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"]
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format: "news"
language: "en-GB"
---

# Crypto Hackers Set for Record Year After Looting Over $3 Billion.

**Published:** October 13, 2022
**Author:** sharetalk
**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)

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Although cryptocurrencies have crashed this year, they are still a source of digital cash for hackers.

According 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.

The 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.

Hackers 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.

https://twitter.com/chainalysis/status/1580312149557026817?s=20

Chainalysis 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.

In 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).

Two 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.

State-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.

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