Thursday, March 31, 2022

Blockchain hackers stole almost $700 million in Q1 2022 – PCR

Assaults on varied crypto tasks and ecosystems introduced thousands and thousands of {dollars} to hackers and scammers. In response to…

By Staff , in IRAs , at March 31, 2022

Assaults on varied crypto tasks and ecosystems introduced thousands and thousands of {dollars} to hackers and scammers.

In response to the current findings by the Atlas VPN group, blockchain hackers stole $682 million in 72 hack occasions all through Q1 2022. As well as, hacks on Solana and Binance Sensible Chain ecosystems attributed to greater than half of the losses throughout this quarter.

The Solana ecosystem suffered 4 hack occasions and misplaced $397 million in 2022 Q1. Wormhole, a communication bridge between Solana and different DeFi networks, skilled essentially the most vital hack of the quarter and misplaced about $334 million.

Cybercriminals hacked tasks within the Binance Sensible Chain ecosystem 12 occasions, accumulating $99 million in losses.

Different kinds of hacks on blockchain induced $52 million in losses all through 9 occasions. IRA Monetary Belief, which gives self-directed retirement accounts, misplaced $36 million to a crypto hack.

NFTs had been the highest goal amongst cybercriminals with 20 hacks and almost $49 million in losses. Many scammers are launching NFT tasks, which change into rug pull scams.

Exchanges had been hacked out of $42 million in simply 3 occasions. On the similar time, the Ethereum ecosystem misplaced almost $25 million to attackers in 16 hack occasions all through Q1 2022.

Cybersecurity author at Atlas VPN Vilius Kardelis shares his ideas on blockchain-related hacks:

“Blockchain undertaking safety ought to be one of many main issues for an individual seeking to spend money on cryptocurrency. Most blockchain-related hack occasions occur as a result of cybercriminals exploit flaws within the undertaking code. A profitable hack might trigger vital losses to the creators and buyers of the crypto platform.”

Blockchain hacks attain an all-time excessive

The rising market of cryptocurrencies entices not solely legit individuals within the expertise but additionally cybercriminals who wish to exploit it.

Cryptocurrency tasks skilled solely 5 blockchain-related hack occasions in Q1 2018. Subsequent yr, within the first quarter of 2019, hacks elevated by 1140% to 62. Whereas in Q1 2020, hacks decreased to 13, in Q1 2021, blockchain-related breaches and scams jumped up by 154% to 33.

Blockchain-related hack occasions have reached an all-time excessive of 72 in Q1 2022. It represents a 118% enhance in hacks in comparison with the primary quarter of 2021.

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