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Hackers have stolen greater than $3 billion in cryptocurrency to this point this 12 months, shattering the earlier document of $2.1 billion set in 2021, in response to blockchain analytics agency Chainalysis.
A giant chunk of that $3 billion, round $718 million, was taken this month throughout 11 totally different hacks, Chainalysis stated in a sequence of tweets posted Wednesday.
“October is now the largest month within the largest 12 months ever for hacking exercise, with greater than half the month nonetheless to go,” the corporate tweeted.
2022 has been a difficult 12 months for cryptocurrency corporations, a lot of whom have fallen sufferer to cyber crime sooner or later previously 10 months.
“Main goal of hackers”
In years previous, hackers targeted their efforts on attacking crypto exchanges, however these corporations have since strengthened their safety, Chainalysis stated. Today, hackers are concentrating on cross-chain bridges, so-called as a result of they permit crypto buyers to switch digital belongings and knowledge between totally different blockchains.
Cross-chain bridges are prone to theft due to a number of weaknesses, cybersecurity specialists have stated. The bridges maintain numerous cryptocurrencies, thus offering a bigger and extra complicated area for hackers to infiltrate.
“Cross-chain bridges stay a significant goal for hackers, with three bridges breached this month and almost $600 million stolen, accounting for 82% of losses this month and 64% of losses all 12 months,” Chainalysis stated.
Hackers accessed $570 million in cryptocurrency from Binance, however firm officers have minimized the losses to underneath $100 million, its CEO stated final week. Hackers additionally struck Nomad in August, reportedly taking almost $200 million. Each the Binance and Nomad hacks have been cases of hackers exploiting safety flaws inside the cross-chain bridge transaction protocols.
Crypto.com, identified for its latest $700 million deal to rename the former Staples Center in Los Angeles, stated in January that hackers managed to bypass its two-factor authentication system and withdraw funds from 483 buyer accounts. Concord misplaced about $100 million in a hack in June. Crypto platforms Wormhole and Ronin Community have been additionally targets of hackers this 12 months.
All informed, Chainalysis stated there have been 125 hacks to this point this 12 months.
Binance CEO Changpeng Zhao said in an interview with CNBC final week that the crypto business is weak to hackers at any time when prospects transfer belongings from one blockchain to a different, however the aim is to study from what brought on the hack and develop additional safeguards sooner or later.
Cryptocurrency isn’t federally regulated or FDIC insured like a checking account, which suggests if an account will get hacked, the federal government won’t work to revive a buyer’s funds.
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