3 figures on the explosion of cryptocurrency thefts in 2022


The year 2022 is decidedly very difficult for the cryptocurrency sector. In addition to the fall in the price of bitcoin, we also had to deal with an avalanche of thefts on recorded on the various specialized platforms. A very bad publicity that these companies would probably have done without. The opportunity for us to come back in three figures on this rather worrying trend.

3 billion dollars of cryptocurrencies stolen in 2022

The blockchain analysis company Chainalysis has just revealed alarming figures. Hackers have stolen more than $3 billion in cryptocurrency so far in 2022. That’s significantly more than the $2.1 billion recorded last year.

Worse, the trend is accelerating, as no less than $718 million was stolen in October alone in an unprecedented streak of 11 hacks, making it the worst month in cryptocurrency history.

Analysts explain that these hacks mainly occur on cross-chain bridges. Clearly, they are gateways that allow users to transfer their digital assets and data between different blockchains. In October, 82% of the funds stolen were stolen in this way, or more than 600 million dollars in just a few days.

$615 million: the result of a cryptocurrency theft from the gaming community

Some emblematic cases have drawn attention. We remember for example the hack of the Ronin network on which the game Axie Infinity runs. At least $615 million was stolen during this major hack, i.e. 173,699 ethereums and $22.5 million of USD coin.

Last March, the manager of this network specified: “ We work with authorities, cryptographers and our investors to ensure that all funds are recovered or refunded. He immediately adds that “the majority of the hacked funds are still in the hacker’s wallet. “.

$570 million: the money Binance almost lost

In early October, the main cryptocurrency platform, Binance, suffered a loss of around $100 million. The bill could have been even higher because the cybercriminals had managed to “produce” 2 million BNB, Binance’s token, and that was equivalent to $570 million. For this, they used a flaw in the service. However, the company was able to block almost all of the funds once this maneuver was identified.

Taken together, these announcements are very bad news for these services as they could ultimately deter some users from investing in crypto.

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By: Bitdefender

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