Chainalysis Data Records $718M DeFi Hacks This Month

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  • Data from Chainalysis shows October is the biggest month for crypto hacks by far.
  • Cross-chain bridges have been the main casualty of this month’s hacks, amounting to nearly $600M.
  • So far, over $3 billion has been stolen this year from crypto hacks.

The crypto market, which recently suffered from a terrible crash, is now facing a new challenge as hacking around crypto-related platforms is rapidly increasing, making it more difficult to trust, let alone invest in these platforms.

Yesterday, October 12, the crypto community suffered four DeFi attacks in a day, creating a new record for the most crypto hacks in just a day. The victims were Rabby Swap, Supremacy Inc, Temple DAO, and the Solana-based platform Mango Market.

In a recent tweet, blockchain analysis platform Chainalysis unveils that October is the biggest month for crypto exploits ever.

In 2021, these digital crooks had a big year, stealing $3.2 billion from crypto-related platforms. So far, this year’s hackers have accumulated $3 billion from 125 different crypto hacks, as per the Chainalysis data. From the looks of it, it’s possible that 2022 will beat 2021 as the biggest year for crypto hackers.

In 2019, centralized exchanges have been the major target of most hackers. That began to change in 2021 after the DeFi protocols lost around $1.9 billion, leaving exchanges, platforms, and private entities with $1.3 billion in losses from hacks that year.

Furthermore, cross-chain bridges were the main target of hackers this year. These bridges, also known as blockchain bridge, connects two blockchains that will allow users to send crypto from one another. The data shows that this month lost nearly $600 million from 3 breached bridges, around 82% losses for the month and 64% losses this year, by far.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.