Although the price of digital currencies has dropped significantly this year, these assets and active programs in this area still act as a money-making machine for a certain group; Hackers.
To Report According to Bloomberg, at least $718 million has been stolen in cryptocurrency-related hacks since the beginning of October (October 9). According to the data of the analytical company Chainalysis, the total number of hacks in the year 2022 has exceeded 3 billion dollars, and this has led to a great chance to break the record of the most hacks carried out in the space of digital currencies in one year until this year. have
Hackers usually target platforms active in the field of decentralized finance, or DeFi. These applications based on smart contracts allow users to perform activities such as trading tokens, receiving and granting loans, and staking digital currencies without the need for centralized intermediaries.
In recent years, hackers have become more skilled in exploiting the security and infrastructure weaknesses of DeFi platforms, and since DeFi is considered one of the most important parts of the digital currency industry, activists in this field must provide solutions to solve this problem.
Although October is only halfway through, so far compared to other months of the year, October has seen the most hacking activities, and most of the victims of these hacks have been inter-chain bridges.
Two of the biggest hacks of October happened in the last few days. One of these two cases is the Mango DeFi protocol hack, during which the hacker managed to steal 100 million dollars by manipulating the price of the token related to this protocol. The developers of Mongo were also forced to block their users’ deposits because of this hack.
The next case is the hacking of the interchain bridge of Binance China (former Binance Smart China) two weeks ago, during which 2 million units of new Binance Coin worth $570 million were stolen by the hacker. According to the Binance team announcement, about $100 million of this amount was not recovered, but the rest of the tokens were frozen.
DeFi platforms have also become a target for government-sponsored hackers. Earlier this year, China Analysis provided an estimate that North Korean-affiliated hackers had stolen something like $1 billion from DeFi protocols.