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Hackers stole $1.3 billion in cryptocurrencies in Q1

 


Despite the decline in bitcoin price earlier in the year, hackers have not taken a break. Hackers and scammers have raked in millions of dollars by attacking numerous crypto projects and ecosystems. Blockchain hackers stole around $1.3 billion in 78 hack events in the first quarter of 2022, according to the new investigation by the Atlas VPN team . Additionally, hacks in the Ethereum and Solana ecosystems caused over $1 billion in losses this quarter alone.


Many projects affected

The numbers come from Slowmist Hacked , which compiles information about publicly admitted attacks on blockchain projects. The conversion rate of a specific cryptocurrency at the time of a hack or fraud was used to quantify monetary losses


In the first quarter of 2022, the Ethereum ecosystem was hacked 18 times, resulting in a loss of nearly $636 million. The most significant attack of the quarter took place in late March when the Axie Infinity sidechain Ronin Network was hacked. The theft totaled $610 million, involving 173,600 Ethereum and 25.5 million USDC.


In the first quarter of 2022, the Solana ecosystem was hacked five times, resulting in a loss of $397 million. Wormhole, a communication link between Solana and other DeFi networks, was hacked for the second time this quarter. At Solana, an attacker exploited a signature verification flaw on the network to create 120,000 wormhole-wrapped ethers worth $334 million.


Cyber ​​criminals compromised 14 projects in the Binance smart chain ecosystem, resulting in around $100 million in losses. The QBridge deposit facility was used to launch an attack on the Qubit protocol. The hacker or hackers were able to generate 80 million dollars in xETH (xplosive Ethereum) through the attack.


Other forms of blockchain attacks resulted in over $57 million in losses over the course of 10 cases. A crypto hack cost IRA Financial Trust, a provider of self-directed pension plans, $36 million.


With 20 breaches and about $49 million in losses, NFTs have been the top target for hackers. On Discord, some attackers are running phishing attacks to steal users' NFTs. In addition, many scammers start NFT projects which turned out to be scams.


Hackers have stolen a lot of capital in the last decade

Since the emergence of Bitcoin in 2009, technology in the crypto industry has evolved rapidly. Despite this, many crypto companies have failed to set up proper security systems.


Over the past 11 years, over $12 billion in cryptocurrencies have been stolen. Decentralized finance (DeFi) hacks have been on the rise, with rogue exchanges stealing up to 40% of the money.


2011 saw the first official break into a cryptocurrency exchange, with hackers stealing a total of $1 million over the course of the year. In 2014, the amount of funds lost due to security breaches increased significantly, reaching $645 million.

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