Crypto hacks already drained $3B this year: Chainalysis

Over the past nine Octobers, Bitcoin has been green seven times, with the only red ones occurring in 2018 and 2019. The upward trend from the previous year, which reached a peak of almost $66,000, also picked up steam in October. Speculators commonly refer to October as “Uptober” since statistics imply it to be a bullish month for Bitcoin.

However, according to the renowned blockchain intelligence company Chainalysis, it is currently the biggest month in the biggest year ever for hacker activities. The research found that 11 distinct hacks in October 2022 alone resulted in the theft of $718 million through DeFi protocols. The most recent figures just exceed March, when the Ronin bridge was compromised for over $600 million.

1/ After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go. So far this month, $718 million has been stolen from #DeFi protocols across 11 different hacks. pic.twitter.com/emz36f6gpK

— Chainalysis (@chainalysis) October 12, 2022

Increasing number of crypto hacks

With 125 hacks so far in 2022, hackers have profited by more than $3 billion this year. At this rate, 2022 is projected to overtake 2021 as the biggest year for hacking ever, according to Chainalysis.

As TheCoinRise reported, Solana-based DeFi trading platform Mango Markets recently witnessed a loss of around $100 million due to a successful manipulation of an oracle price that drained liquidity. In order to purchase a permanent futures contract for the MNGO token and engage in trading against it, the hacker of the self-funded economic attack stocked up on $5.5 million worth of USDC, as was previously reported.

In the string of DeFi assaults, TempleDAO was yet another target. The attacker loaded the wallet with funds from the Binance cryptocurrency exchange aater which the protocol suffered a loss of 1,831 ETH, or around $2.3 million. The Rabby Swap smart contract was hacked on the same day, losing $200,000 as a result of the hacker’s successful exploitation of a vulnerability in the smart contract.

A few days ago, the native QANX token of QANplatform lost 90% of its value as a result of a smart contract bridge exploit that cost the company over $1 million, as TheCoinRise reported.