Crypto blockchain hackers have stolen almost $700 million in just 3 months this year, with solana and Binance smart chain hit hard
- Hackers stole almost $700 million in 72 attacks in the first quarter of 2022, Atlas VPN said.
- Attacks on the
solanaand Binance Smart Chainecosystems accounted for over half of these losses.
"With the rise of new crypto ecosystems, cybercriminals get more targets they can exploit. In addition, the surging NFT trend attracted even more scammers to the industry," Atlas VPN said.
Monetary losses were calculated based on the conversion rate of a particular cryptocurrency when the attack took place.
The BSC ecosystem had 12 hacks while the solana ecosystem was hacked 4 times. Wormhole, a communication bridge between solana and other decentralized finance (DeFi) networks, was the target of the biggest
"An attacker exploited a signature verification vulnerability in the network to mint 120K Wormhole-wrapped ether on solana, worth about $334 million," Atlas VPN said.
The ethereum ecosystem experienced 16 hack attacks in 2022 and lost nearly $25 million. It experienced the same number of hackings in the first quarter of last year, making it the top target for hackers.
Exchanges were hacked three times, losing $42 million. Other types of hacks on
Most blockchain-related hacks occur when cybercriminals exploit flaws in the project code. Successful hack can cause massive losses to creators and investors on crypto platforms.
Blockchain-related hacks have reached a record-high in the first quarter of 2022, showing an 118% increase compared with the same quarter last year, the data showed.
"The growing market of cryptocurrencies entices not only legit people interested in the technology, but also cybercriminals who want to exploit it," Atlas VPN said.
Hackers stole with more than $4 billion worth of cryptocurrencies in 2021, according to a report by Crystal Blockchain, almost triple the amount stolen in 2020.
And last week, a crypto hacker pulled off one of the largest heists in history, stealing $625 million worth of ether and stablecoin USDC after targeting Axie Infinity's Ronin Network.
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