Even though the cryptocurrency market has crashed this year, it still remains a big source of income for hackers. They are using cryptocurrencies as digital cash machines. According to blockchain specialist Chainalysis Inc, at least $718 million has been stolen so far in the month of October alone, more than $3 billion for last year, setting a record for the total value of cryptocurrencies hacked in 2022 Is.
So-called decentralized finance or DeFi protocols that are based on software-based algorithms and allow crypto investors to trade, borrow and lend on a digital ledger without using a central intermediary have been among the most targeted.
Hackers have become adept at exploiting vulnerabilities in the security, coding and structure of DeFi marketplaces. In such a situation, it has become necessary for crypto players to find a solution to this problem, because DeFi is considered important for the operation of crypto.
Hacking activities have happened the most in the month of October 2022. Expressing the threat on Twitter on Thursday, Chainalysis said that the links connecting the blockchain can also be penetrated. Hackers can target them too.
Two major events have shaken up the cryptocurrency market in recent days. Among them, there is also a case in which a hacker extorted nearly $100 million from DeFi service Mango by rigging the prices of its tokens. In the process, the perpetrator wiped out the depositors’ funds on the platform.
Last week, 2 million Binance Coins worth approximately $570 million were effectively blown away by a hacker. Of this, about $100 million could not be recovered, while the rest was frozen, according to a statement from Binance.
