Blockchain hackers stole almost $1.3 billion in 78 hack occasions all through Q1 2022, in response to a new report by Atlas VPN.
Based mostly on knowledge supplied by Slowmist Hacked, Atlas VPN discovered that hacks on Ethereum and Solana’s ecosystems resulted in additional than $1 billion in losses alone throughout Q1.
The Ethereum ecosystem misplaced almost $636 million to attackers in 18 hack occasions all through Q1 2022—the largest of which price the platform 173,600 Ethereum and 25.5 million USDC value $610 million.
The Solana ecosystem, a rival to Ethereum, suffered 5 hack assaults in 2022 Q1 at price of $397 million. Wormhole, a communication bridge between Solana and different decentralized finance (DeFi) networks, was the second most vital hack of the quarter, leading to a lack of $334 million.
The $1 billion cybercrime haul additionally consists of 14 hacks of the Binance Sensible Chain ecosystem at a lack of almost $100 million and IRA Monetary Belief, which handles self-directed retirement accounts, lack of $36 million to a crypto hack.
Cybercriminals high goal had been NFTs, which suffered $49 million in losses after 20 hacks, whereas exchanges misplaced $42 million over the course of three hacks.
Additionally learn: DeFi: Ought to Wall Road Be Nervous?
The Rising Menace to Blockchain Ecosystems
In Q1 2018, cryptocurrency initiatives skilled a complete of 5 blockchain-related hacks, in response to Atlas VPN. The next 12 months that quantity elevated to 62m however dipped by 13 in Q1 2020. Q1 2021, hackers efforts jumped to 33, a rise of 154 %—reaching an all time excessive of 78 hack occasions in Q1 2022.
The rise of DeFi has opened a brand new, profitable door for cybercriminals as greater than 300 cryptocurrency firms have entered the market. Blockchain is mostly considered safe, however this groundswell has launched smaller exchanges that may not have the cybersecurity workers essential to safe their new ecosystems. Typically, the open availability of those platforms’ code provides hackers ample alternative to plot assaults, as was the case within the Wormhole hack—the second largest such hack behind the Poly Community hack, which price that cryptocurrency platform greater than $600 million (the hacker later returned all the funds).
“Blockchain challenge safety needs to be one of many major issues for an individual seeking to spend money on cryptocurrency,” stated Atlas VPN’s cybersecurity author Vilius Kardelis. “Most blockchain-related hack occasions occur as a result of cybercriminals exploit flaws within the challenge code. A profitable hack may trigger important losses to the creators and traders of the crypto platform.”
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