Hackers have stolen $2.98B via exploits in the crypto industry so far

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The cryptocurrency space has lost nearly $2.98 billion to DeFi hacks this year — almost double the $1.55 billion lost in 2021, according to a recent report by blockchain security firm PeckShield.

#PeckShieldAlert ~44 exploits (53 protocols affected) grabbed ~$760.2M in Oct. 2022, and ~$100M already returned the exploited protocols (Total loss: $657.2M)
As of October 2022, the stolen funds (~$3B) in 2022 “doubled” last year’s loss pic.twitter.com/mKZAjVk7UU

— PeckShieldAlert (@PeckShieldAlert) October 31, 2022

Roughly $760 million was stolen in October through 44 hacks across 53 protocols — making it the worst month for crypto hacks in 2022. Excluding October, hackers stole approximately $428 million during the third quarter.

March was the second worst month of the year, followed by April in terms of money lost in hacks. In total, protocols suffered a combined loss of $1.18 billion due to hacks over these two months.

Worst hacks of 2022

According to the Peckshield report, the worst breach in October was the BNB ( $0.00 ) Chain exploit that led to hackers stealing $590 million from the network. However, the hacker only made off with roughly $100 million as BNB ( $0.00 ) Chain was frozen immediately after the news broke — preventing the attacker from moving most assets off-chain.

Another DeFi exploit that made headlines was the MNGO protocol breach, in which a hacker took a huge position in MNGO-PERP and counter-traded themselves. The perpetrator drained the entirety of the protocol’s liquidity, which amounted to approximately $100 million worth of assets. 

However, the most significant exploit of the year was the attack on Ronin Bridge, which accounted for $625 million of the $710 million hackers stole in March. In terms of funds, the Wormhole bridge exploit was the second biggest attack, where a hacker siphoned over $320 million in wrapped ETH from the Wormhole protocol.

Most of the year’s major attacks have targeted DeFi protocols, which is of concern to crypto enthusiasts, according to a report from the Barrons.

For most of 2019, hackers targeted Centralized exchanges. However, over the past 22 months, hackers have stolen roughly $6.7 billion by exploiting DeFi platforms.

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