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Crypto hacks peak in "Hacktober"

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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.

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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.

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Author: Priya Kumari

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.


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