• North Korean hackers stole $1.7 billion worth of cryptocurrency in 2022, according to Chainalysis.
• DeFi projects were the primary target of the hacks, accounting for 82% of all digital assets stolen.
• October was the worst month for security, with $775.7 million stolen in 32 separate attacks.

Cryptocurrency security has been a major concern for the industry over the past year, with 2022 proving to be one of the worst years in terms of hackings and exploits. According to a report by blockchain analysis firm Chainalysis, $3.8 billion worth of digital assets were stolen from cryptocurrency businesses in the span of the year, with decentralized finance (DeFi) being the primary target.

DeFi protocols were hit the hardest, accounting for an estimated 82% of all digital assets stolen in 2022, amounting to $3.1 billion in losses. In comparison, just last year, DeFi lost only $44 million, showing a drastic increase in the number of hacks and attacks against these protocols. The most significant losses occurred in March and October, with $732.4 million and $775.7 million stolen in those respective months. The latter went on to become the biggest single month ever for crypto hacking, with 32 separate attacks.

The Chainalysis report also provided insights into the cybercriminals behind the attacks, finding that North Korean hackers were responsible for stealing $1.7 billion worth of cryptocurrency in 2022. This marks a significant surge from the $25 million stolen by the hackers in 2020.

The report also highlighted the dangers posed by phishing scams, which accounted for 61% of all stolen crypto. As such, security remains a major concern for the industry, with these attacks serving as a reminder of the need for more robust security measures to protect digital assets from malicious actors.

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