Crypto Hackers Cause Ethereum Ecosystem Sustains The Most Losses

Even though the cryptocurrency industry is now facing a severe market downturn, hackers continue to abuse blockchain technology and actively launch frauds.

According to the findings of an Atlas VPN investigation, hackers successfully stole around $483 million in total in the third quarter of 2022, despite a 43% drop in the number of blockchain thefts in the most recent quarter compared to Q2.

The overall amount of money lost to blockchain hackers throughout the three quarters was $2,570,117,825, with the amount lost computed by utilizing the conversion rate of a specific cryptocurrency at the time of the breach or fraud.

The Ethereum (ETH) ecosystem suffered the biggest damage, with $348 million lost over 11 assaults. Hacker attacks cost the crypto market Wintermute and the cross-chain interoperability technology Nomad bridge around $160 million.

Notably, the amount of money lost to blockchain hackers has been reducing quarter after quarter, falling from more than $1.3 billion in the first quarter of 2022 to $810 million in the second quarter. In the third quarter, overall losses were cut by 40% to $483 million. Crypto hackers stole more than $2.5 billion over three quarters in 2022.

Slowmist Hacked, a nonprofit that archives information on publicly publicized attacks on blockchain projects, gathered the numbers utilized in the research.

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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