Cryptocurrency After an October with hacking events in the world, it was reported that a total of 657.2 million dollars was stolen from 53 different protocols affected by 44 different attacks.
On the bright side, at least $100 million has been returned to the hacked platforms.
Total Loss in Cryptocurrency Hack Events of 2022 Reached 3 Billion Dollars
But with the end of that era, which some have dubbed the “Hacktober,” losses in 2022 have doubled from last year to nearly $3 billion, according to security firm Peckshield.
Multiple causes contributed to October’s losses, including wallets hacked or otherwise compromised, insecure smart contract code, abusive cross-chain bridges, and oracle price manipulation.
Among the targeted protocols BNB altcoin chain performed a hard fork to restore security after an unknown hacker stole $100 million through a vulnerability in the platform’s cross-chain bridge.
For the hacked crypto lender Mango Markets, the solution has not been this simple.
Famous attacker Avaraham Eisenburg claimed that the actions behind the attack were legal. After community voting, an agreement was reached, and Eisenburg received $47 million in return for his efforts, returning $67 million to the project.
Other projects have been less successful in terms of recovering lost funds.
Crypto market maker WinterMute suffered a $160 million hack on its DeFi platform, but CEO Evgeny Gaevoy parried the loss and stated that the firm could pay off its debts with more than double that amount.
Hackers also targeted Team Finance, taking advantage of a bug in the protocol’s transition from Version 2 to Version 3, dumping approximately $15.8 million in tokens from the platform.
*Not investment advice.
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