Key Points: According to data from Kofi, a crypto data analyst and contributor to DefiLlama (decentralized finance) ecosystem, there was a spike in cash thefts in 2022. The total value of the stolen cash exceeded $6 billion.
Nelson Ijih, crypto analyst, stated that the number would be much higher if past “crypto hacks” were taken into consideration.
To exploit Web3 project flaws, DeFi attackers used many methods. Flash loan attacks, compromised keys and broken bridges can all be used to classify some of the most expensive and significant hacks of the year.
According to Kofi, a crypto data analyst and contributor to DefiLlama statistics, there was a spike in thefts within the Decentralized Finance (DeFi) ecosystem in 2022 with the total amount of stolen cash exceeding $6 billion. There were many high-profile hacks and security breach throughout the year. The Ronin hack stands out as the worst DeFi incident. According to Kofi, the $6 billion amount is equal to the market value of the original funds theft. Nelson Ijih, a crypto analyst, stated that the sum would be much higher if other “crypto hacks” were considered. DeFi attackers used a variety to exploit Web3 project flaws. Broken bridges, compromised keys and flash loan attacks can all be used to classify some of the most expensive and significant hacks of the year. The links that connect the blockchain ecosystem were often hacked by attackers. Qubit Finance, Wormhole and Nomad Bridge were among the most costly cross-chain bridge hacks in 2022. The Wintermute contract, Helio and Ankr were among the protocols that suffered losses due to stolen private keys. Flash loans allow large borrowing without collateral and are often used by DeFi hackers. Flash loans were abused in 2022 by hackers who used flash loans to obtain large amounts of money without collateral. Chainalysis, a New York-based analytics company, recently revealed that $20.1 billion worth of illicit bitcoin transactions was transacted in 2022. This is a 40% increase over the previous year. The North Koreans stole a significant portion of this cash. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comAnnieCoincu NewsTags: decentralized financeDeFiDeFi HacksDefiLlama