More than $760 million were stolen from 53 DeFi protocols last month, bringing the total amount lost to hacks to $3 billion so far this year.&
Security firm Peckshield has revealed that losses from hacks in the cryptocurrency space have reached $3 billion since the start of the year.
According to the recent report, October is the month with the highest number of DeFi exploits, with 53 protocols losing funds to hackers.
#PeckShieldAlert ~44 exploits (53 protocols affected) grabbed ~$760.2M in Oct. 2022, and ~$100M already returned the exploited protocols (Total loss: $657.2M)
As of October 2022, the stolen funds (~$3B) in 2022 “doubled” last year’s loss pic.twitter.com/mKZAjVk7UU— PeckShieldAlert (@PeckShieldAlert) October 31, 2022
The 53 protocols lost a combined $760 million to attackers in the last 31 days, the security firm added. However, roughly $100 million of the funds have been returned to the protocols.&
The $3 billion lost due to hacks so far this year is already double what was experienced last year, with two months remaining before the end of 2022.&
There were various causes for the losses experienced last month. Some of them include wallets compromised by a profanity hack, insecure smart contract code, exploited cross-chain bridges, oracle price manipulation, and unaccounted-for game theory behind protocol functionality.
BNB Chain was the most popular protocol that was hacked last month. However, Binance executed a hard fork to restore security on the platform after an unknown& attacker stole $100 million via a flaw in BNB Chain’s cross-chain bridge
Mango Markets, a Solana-based crypto lender, also& lost $100 million to a hack. The attacker, & Avraham Eisenburg, claimed actions behind the hack were legal. After a community hack, an agreement was struck, and Eisenburg returned $67 million to the protocol and held on to the rest.
Crypto market maker WinterMute, recorded one of the biggest losses last month, losing $160 million to the attacker(s). However, CEO Evgeny Gaevoy shrugged off the loss, adding that the firm was solvent, with more than double that amount in equity.&
Hackers also stole $15.8 million from Team Finance, taking advantage of a bug in the Version 2 to Version 3 migration on the protocol.&
The post Losses due to hacks in crypto stand at $3 billion year-to-date, says Peckshield appeared first on CoinJournal.
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