Friday, December 9, 2022
HomeTechnologyCryptocurrency market faces exploit worth of $3 billion this year: Chainalysis

Cryptocurrency market faces exploit worth of $3 billion this year: Chainalysis

According to Chainalysis report of October 13, the total value of cryptocurrency that has been hacked along with the number of hackings that have occurred across the decentralised finance (DeFi) ecosystem has skyrocketed over the course of 2022, with billions of dollars being taken in what is shaping up to be the most successful year for hackers in the cryptocurrency industry.

Chainalysis, a company that specialises in blockchain security and analytics, reports that there were 11 separate attacks in October that targeted DeFi protocols. More than $718 million has been stolen by cybercriminals via various security vulnerabilities as of the midway point of this month.

The number of assaults across centralised exchanges, which took the worst hit from cybercrime in 2019, has decreased. The focus of attackers has turned to DeFi platforms over the course of the previous two years, with cross-chain bridges now being the most targeted of these platforms.

According to Chainalysis, there were breaches at three different bridges in the month of October, resulting in close to $600 million being taken from these platforms alone. The assaults are responsible for 82% of the stolen cash that occurred during the last two weeks and 64% of the heists that occurred in 2022.

October is on course to exceed March in terms of the total amount that was hacked in 2022. The number of hacks has also increased during this month, after having decreased after the explosion that occurred in March of 2022.

The hack that occurred in October helped boost the total sums of crypto assets towards the heights that were achieved in 2021, and with more than two months left, cybercriminals still have a chance to break records.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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