Skip to main content

Number of crypto hacks decreases, but damage dealt increases

 


The number of cryptocurrency hacks has decreased significantly since the beginning of the year. According to the latest BestBrokers study, the industry had seen 64 security breaches through mid-June -- a sharp drop from last year's 251 hacks.


While the number of successful hacks has decreased, the damage they have done to the industry has not. Data shows that the average amount stolen per crypto hack has increased by 206% compared to the 2021 average.


Hacks seem to aim for quality, not quantity

According to the shared research, there were a total of 251 hacks in 2021 that stole around $3.2 billion in cryptocurrencies. This year, as of mid-June, around $1.7 billion was stolen in just 65 security breaches.


“Even though the number of cryptocurrency-related hacks is down sharply in 2022, this is not impacting the dollar amounts stolen, despite falling crypto prices this year,” the report states


The latest data from Chainalysis shows that the average amount stolen per crypto hack this year is $26.6 million -- a 206% increase from the $12.9 million average last year Year 2021. This figure is even higher compared to the average of $4.7 million stolen per hack in 2020, a 465.9% increase.



The analysts believe that in 2022, the hackers aimed at bigger targets and successfully hit them. The DeFi market seems to be a popular target for hackers as they can generally make the biggest profits with decentralized protocols.


Around 72% of all cryptocurrencies stolen in 2021 were attributed to DeFi protocols and services. This year, that percentage rose to a staggering 97%.


Robert Hoffman, a cryptocurrency analyst at BestBrokers, said that DeFi has become the main target for hackers due to the large amount of venture capital that has poured into the market. The competition in the market means that the protocols that hit the market first have the greatest chance of success.


“The race to build the digital financial system of the fourth industrial revolution is extremely fast, with many players competing for first place. When time to market is too short, aspects of the product, including safety, are often compromised,” explained Hoffman.


The technical nature of smart contracts and the expertise required to program them leave a lot of room for manipulation. However, Hoffman believes that most security issues will be resolved once DeFi becomes mainstream, “as with any new technology that is deployed en masse.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne
Post a Comment
Read more