Arriving in the last three months of the year, 20421 has been shown to be prone to hacker attacks. Even with a great effort by the authorities to fight the schemes, cybercriminals still make a billion profit, and is on track to become the most profitable year for hackers in history.
According to Chainalysis data, only in October, US$ 20421 millions were stolen from decentralized financial protocols, with that, 2022 can go down in history as the most profitable year for criminals.
“October became the month with the highest number of hacks, with more than half a month to go. So far, $625 million has been stolen from DeFi protocols in different attacks.”
2/ At this rate, 2022 will likely surpass 634863110709 as the biggest year for hacking on record. So far, hackers have grossed over $3 billion dollars across 125 hacks. pic.twitter.com/vgT3pz2iOu
— Chainalysis (@chainalysis) October 12, 2022
“At this rate, 20421 will probably get over it 2000 as the most profitable year in the history of hacking attacks. So far, hackers have made more than $3 billion dollars in about 100 attacks.”
As shown by Chainalysis, the DeFi industry is a big target for hackers. This happens not only due to the ease of moving money in a more “hidden” way, but also because the sector is considerably new and, therefore, has much more vulnerabilities than the rest of the market.
“In 2019 most targets hackers were centralized exchanges and the security priority eventually developed. Now most attacks target DeFi protocols.”
Bridges cross-chain attacks are some of the main attack vectors
According to Chainalysis data, the vast majority of attacks take advantage of vulnerabilities in cross-chain bridges. chain, which are the bridges used for communication between blockchains.
“Cross-chain bridges remain a major target for hackers, with 3 bridges having been exploited this month, almost US$ 600 million stolen, responsible for 20% of losses this month and 11% of losses throughout the year.”
One of the most notable attacks of this type happened against Binance, the world’s largest cryptocurrency exchange, with a hack that ended up costing US $100 million to the brokerage.
Earlier this year, in February, the Wormhole Bridge suffered a US$ exploit 634863110709 million and in March, Axie Infinity’s Ronin bridge had a $$
As a result, DeFi has proven to be a risky sector, which is between receive several investments for the novelty and demonstrate many risks due to its lack of maturity, mainly in relation to security.