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Cryptocurrencies may have crashed this year but they remain a digital cash-machine for one potent constituency: hackers.
At least US$718 million has been stolen so far in October alone, taking the gross tally for the year past US$3 billion and putting 2022 on course to be a record for the total value hacked, according to blockchain specialist Chainalysis Inc.
Most of the targets are so-called decentralised finance — or DeFi — protocols, which deploy software-based algorithms to enable crypto investors to trade, borrow and lend on digital ledgers without using a central intermediary.
2/ At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record. So far, hackers have grossed over US$3 billion dollars across 125 hacks.
Hackers have become adept at exploiting weaknesses in the security, coding and structure of DeFi marketplaces. That’s putting the onus on crypto players to find solutions given that DeFi is touted as important for crypto adoption. “October is now the biggest month” for hacking activity in 2022, Chainalysis said Thursday on Twitter, adding that bridges between blockchains are a big vulnerability too. – Bloomberg
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