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

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.

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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