October was the most "profitable" month for hackers in 2022, despite the fact that it has not ended yet
Hackers have stolen $718 million worth of cryptocurrency since early October, according to Chainanalysis, an analytics platform. October has already become the most “profitable” for attackers in 2022, despite the fact that only 13 days have passed since the beginning of October. During this time, 11 break-ins were committed.
2/ At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record. So far, hackers have grossed over $3 billion dollars across 125 hacks. pic.twitter.com/vgT3pz2iOu
— Chainalysis (@chainalysis) October 12, 2022
3/ Back in 2019, most hacks targeted centralized exchanges, and prioritizing security went a long way. Now a vast majority of targets are #DeFi protocols. pic.twitter.com/efSKCkhnm2
— Chainalysis (@chainalysis) October 12, 2022
4/ Cross-chain bridges remain a major target for hackers, with 3 bridges breached this month and nearly $600 million stolen, accounting for 82% of losses this month and 64% of losses all year. pic.twitter.com/lQySX2ljKt
— Chainalysis (@chainalysis) October 12, 2022
Analysts suggest that more cryptocurrencies will be stolen in 2022 than in any other previous year. To date, the amount of cryptocurrency funds stolen as a result of 125 attacks has already exceeded $3 billion.
Previously, most attacks were on centralized sites, but now DeFi protocols have become the main targets of hackers. At the same time, hackers most often use the vulnerabilities of blockchain bridges. The attack on three such bridges this month caused losses of $600 million, that is, 82% of all losses this month.
The National Cyber-Forensics and Training Alliance (NCFTA), a nonprofit organization dedicated to identifying, validating, mitigating, and neutralizing cyber-crime threats, has welcomed Chainalysis, the blockchain data platform. The alliance now has access to the same investigative tools that have been used to help crack some of the most high-profile cybercrime cases in the history of the world and increase consumer access to cryptocurrency in a secure manner thanks to Chainalysis’ data platform.
In order to facilitate the responsible sharing of knowledge and subject-matter expertise with partners from the private sector industries, law enforcement, and academia, the NCFTA was founded in 2002. Its objective is to create and disseminate threat intelligence as part of the global campaign to stop and eradicate cybercrime. With the aid of NCFTA initiatives, over $2 billion in potential losses have been avoided, thousands of criminal and civil investigations have been opened, and over a thousand arrests have resulted.
One of the most high-profile incidents in October was the hacking of the BSC Token Hub bridge on the BNB Chain blockchain. The hackers managed to steal over $544 million worth of cryptocurrencies, but they were only able to withdraw $100 million.
Binance CEO Changpeng Zhao posted a link to a Reddit: We want to reaffirm that we worked with validators to temporarily suspend the BNB Smart Chain (BSC) after discovering an exploit on the BSC Token Hub, a cross-chain bridge that generated extra BNB.
All validators have been asked to temporarily halt BSC. The problem is now under control. Your money is secure. We are sorry for the inconvenience and will update you as necessary.
The Community has already been crucial in providing assistance and aiding in the freezing of any transfers. All money is secure.
About Chainalysis
The blockchain data platform is called Chainalysis. In more than 70 nations, we offer data, software, services, and research to government organizations, exchanges, financial institutions, and insurance and cybersecurity firms. Our data fuels market intelligence, compliance, and investigation software that has helped resolve some of the most high-profile criminal cases in history and expand consumers’ access to cryptocurrency in a secure manner. Chainalysis establishes trust in blockchains to encourage greater financial freedom with less risk, with the support of Accel, Addition, Benchmark, Coatue, GIC, Paradigm, Ribbit, and other top venture capital firms. Please visit www.chainalysis.com for more details.
