Chainalysis: Biggest Month For Hacking With $718 million

In the latest report, Chainalysis – an American blockchain analysis firm – stated that October is the biggest month for hacking activities. Only in early of October, the loss amount was at least $718 million, taking the total loss this year to $3 billion.

This firm’s official account on Twitter also noted that October 2022 is “the biggest month in the biggest year ever for hacking activity”. Among these hacks, 11 different cases of Decentralized Finance (DeFi) protocol with hundreds of million explored. Especially, four exploits on Oct 11 worth approximately $122 million. Hackers siphoned around:

• $200,000 in crypto from Rabby Wallet
• $1.89 million from blockchain QANplatform’s Ethereum 
• $2 million from TempleDAO
• $118 million exploit on the Solana .

Chainalysis also stated that 2022 could surpass 2021 with over $3 billion in 3 quarters with a total of 125 hacks so far. This figure is higher than the last year. The firm also concluded that the places of being exploited also shifted from the centralized crypto exchanges to Defi. Specifically, in 2019, most hacks took place on CeFi. In 2022, this figure 2022 is 90% of total cases on DeFi protocol.

Oct also witnessed a loss in cross-chance bridges with 82% of the loss amount. The largest case was a $100 million exploit in Binance’s BNB Smart Chain and Beacon chain.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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