Crypto hacks peak in "Hacktober"
According to the most recent statistics, October has broken all records for crypto exploits and the number of digital assets stolen, living up to its new name of "Hacktober."
PeckShield, a blockchain security company, tweeted some alarming data on October 31. The company stated that $2.98 billion in digital assets had been stolen, almost twice the $1.55 billion lost in 2021.
According to the report, October 2022 saw 44 exploits affecting 53 protocols. In just one-month, malicious actors stole $760M. However, $100M was refunded.
March has been the second-highest month for hacked funds after October, with $710M stolen. Most of this came from the Ronin bridge exploit, which resulted in the theft of $625M in crypto assets.
According to PeckShield, the top October exploit was the BNB Chain, which lost $586M. The second major exploit of the month was the Mango Markets DeFi protocol, despite an agreement with the exploiter to return some funds and fix the crypto hack.
DeFiYield's Rekt crypto hack data
According to DeFiYield's Rekt Database, there were several other notable exploits in October. These include the $60 million rug pull of the Freeway crypto yield platform, Transit Swap, which lost $29 million, Team Finance, which lost $13 million; and Moola Market, which lost $9 million.
On November 1, DeFiYield published its report outlining the dire circumstances surrounding the hackfest that took place the previous month.
The report states that over $1 billion was lost to crypto scams, including rug pulls, Ponzi schemes, and direct protocol exploits. DeFiYield reported 35 incidents, 15 of which were rug pulls.
On a more upbeat note, the report noted that in 2022, nearly $890 million in cryptocurrency funds had been recovered.
Chainalysis declared Hacktober "the biggest month" for crypto hacks.
Chainalysis, a leading blockchain analytics firm, has previously declared October "the biggest month" for cryptocurrency hacks. According to the data released by the firm, the total value hacked reached $718 million by the middle of the month.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.