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Crypto Hacks Peaking in October - Chainalysis

crypto hacks
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Chainalysis, a leading name in blockchain analytics, has declared October as 'the biggest month' for crypto hacks. Although we have yet to reach the month's midpoint, the firm has predicted that hacking activities will be peaking this month. The total value hacked in October 2022 has already reached $718 million.

Besides, 2022 will also be the biggest year so far for crypto hacks, according to Chainalysis. Previously, 2021 saw the highest rate of cyber-attacking activities on blockchains. However, at the rate these incidents are happening currently, they will likely surpass the total number of hacked amounts in 2021.

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Crypto hacks in October, so far

The month has already seen some major hacking incidents. In total, there have been 11 instances where cryptocurrencies have been exploited. Meanwhile, on October 11 alone, there were four cyberattacks on blockchains and DeFi platforms.

These incidents have drained more than $122 million worth of cryptocurrencies. The platforms affected by these cyberattacks include Rabby Wallet, Ethereum bridge of QANplatform, TempleDAO, and Solana Mango Markets.

2022 is to be a record year for crypto hackers

This year is also going to be a record 12 months for hackers. Last year, cybercriminals exploited around $3 billion. The ongoing year has already seen over 125 blockchain hacking incidents. As per Chainalysis, the last 12-month amount will likely be surpassed if this trend persists.

Though the market is going through a severe downturn, cybercriminals continually make more hacking attempts. Meanwhile, there has been a shift in projects they are targeting in the market.

Previously, centralised exchanges were the main target of hackers. However, later they started focussing more on the DeFi protocols. This year, 90% of the hacking incidents were also on the DeFi protocols. On the other hand, these incidents are affecting the investors' confidence in DeFi projects.

Besides, multichain bridging has also gained the attention of blockchain cyber attackers. In October, three cross-chain bridges were breached, making up around 82% of the amount exhausted this month.

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Author: Wasay Ali

Author: Wasay Ali

I'm a content writer with adequate SEO knowledge. My hobby is to exercise, read and write. My writing experience currently expands to 2 years and I’ve worked on multiple niches, including finance. My versatility and research skills make me the best at what I do: content & SEO writing. I love writing because it pitches in and helps me learn new things daily.

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