In the midst of crypto winter, cybercrime remains prolific

According to the facts by SlowMist, blockchain hackers stole almost $2 billion within the first half of of 2022 despite the sharp drop in cryptocurrency fees.

Although the worldwide crypto market has been suffering on account that the beginning of the yr, with its capitalization dropping from $3 trillion to approximately $1 trillion, cybercriminals remained energetic. Blockchain-related breaches and scams tired $1.97 billion from one hundred seventy five crypto initiatives since January 1, 2022.

 

The Ethereum surroundings, which lost over $1 billion to attackers in 32 hack occasions, is on the top of the ranking, accounting for greater than a half of the full financial losses. The biggest crypto heist came about at the cease of March when the Axie Infinity

The second region in terms of losses belongs to Ethereum’s rival Solana which suffered a lack of $380 million in just 5 incidents. The maximum devastating one turned into the exploit of the DeFi platform Wormhole. The signature verification vulnerability allowed attackers to mint one hundred twenty,000 Wrapped ETH (called Wormhole Ether or WeETH) really worth over $320 million.

The subsequent up in the line is the Binance Smart Chain surroundings. Cybercriminals attacked BSC tasks 47 instances, accumulating $141 million in losses. The biggest hack became on the DeFi platform Qubit, which was exploited for over $eighty million. The vulnerability inside the QBridge deposit function allowed a hacker to mint BNB coins with out depositing any collateral.

Meanwhile, the Fantom environment earned hackers $54 million in eight occasions, Polygon misplaced $thirteen million in two events, and Avalanche lost $eight million in a unmarried incident.

NFT initiatives’ losses amounted to $84.6 million in forty five incidents. Crypto exchanges had been robbed of $35 million in 4 events, while crypto wallets were tired for $263k. The other crypto-related cybercrime incidents accounted for $236 million losses in 24 separate attacks.

Compared to final 12 months's information, the quantity of attacks aimed at crypto projects increased by way of 94%, from 90 incidents in H1 2021 to 175 in H1 2022. May was the most difficult time for the crypto security specialists, as 37 attacks had been perpetrated in a unmarried month. Overall, the security of DeFi initiatives desires to be appreciably stepped forward to compete with the existing CeFi solutions.

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