Despite the fact that October is still halfway over, it has been the month with the most hacks in the biggest hacking year. DeFi protocol hacking have so far resulted in $718 M in losses spread across 11 incidents. On October 11, there were four escapades valued roughly $122 million.
Hackers made off with $200,000 in cryptocurrency after targeting the open source Rabby Wallet, $1.89 million from the QANplatform Ethereum bridge, $2 million from TempleDAO, and $118 million from the Solana-based Mango.
As hackers made more than $3 billion over 125 hacks in 2021, Chainalysis estimates that 2022 will likely surpass 2021 in terms of cryptocurrency exploits.
Additionally, the business mentioned that hackers’ targets had evolved. While centralised exchange platforms were the target of the majority of intrusions in 2019, DeFi protocols are now the main target. Hackers primarily aim for cross-chain bridges. Three of them were hacked this month, resulting in the theft of $600 M. The total covers 64% of 2022 and 82% of October’s losses.
