Hackers stole a record 38 billion worth of cryptocurrencies in

Hackers stole a record $3.8 billion worth of cryptocurrencies in 2022

Last year, hackers managed to steal a record $3.8 billion worth of digital assets from cryptocurrency companies, most of which were stolen by hackers linked to North Korea. About that reported in a report by blockchain analytics firm Chainalysis. For comparison, in 2021, hackers stole $3.3 billion worth of cryptocurrencies.

    Image source: Kanchanara/unsplash.com

Image source: Kanchanara/unsplash.com

According to Chainalysis, hackers with ties to North Korea stole about $1.7 billion worth of cryptocurrencies through hacks into computer systems in one year, up from $429 million a year earlier. The FBI is charging them with the March hack of the Ronin blockchain platform, which runs Sky Mavis’ popular NFT game Axie Infinity, when it stole about $625 million worth of digital assets and finances last June Stealing $100 million from cryptocurrency firm Harmony.

“Volume North Korea’s merchandise exports totaled $142 million in 2020, so it’s no exaggeration to say that cryptocurrency platform hacks account for a significant portion of the country’s economy.” – noted in Chainalysis report.

The hackers’ main target was DeFi protocols, resulting in $3.1 billion or 82.1% of all stolen cryptocurrencies in 2022 being stolen as a result of the hack. In 2021, DeFi protocol hacks accounted for 73.3% of stolen cryptocurrencies.

Last year, 64% of attacks on DeFi systems targeted blockchain bridges (or cross-chain bridges), which allow users to exchange assets between different blockchain ecosystems. Blockchain bridge services usually store large amounts of various digital coins, making them a prime target for hackers. In particular, Infinity and Harmony were stolen as a result of hacking the blockchain bridge.


About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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