One of the key selling points of blockchain is its security. The technology’s decentralized nature should make it resistant to tampering and fraud. However, as with any technology, blockchain is not immune to hacking. Blockchain bridges lost $1.2 billion worth of cryptocurrencies in just 16 events. Ronin Network sidechain bridge suffered the biggest hack of the year, as the attacker walked away with $610 million.
Blockchain hacks are on the rise
Furthermore, the BSC ecosystem lost over $870 million in 76 attacks or scams in 2022. The Ethereum ecosystem is not far behind, with 49 events resulting in losses of more than $500 million in cryptocurrencies.
Other crypto-related projects and people were victims of 48 hacks, causing nearly $370 million in losses. In addition, it is worth mentioning that while we did not include the FTX collapse that lost more than $8 billion of its customers’ money, it is considered a fraudulent exchange by most crypto experts.
Cybersecurity writer at Atlas VPN, Vilius Kardelis, shares his thoughts on blockchain hacks:
« As the use of blockchain technology continues to grow and become more mainstream, we can expect to see a corresponding increase in the number of hacking attempts targeting these systems. »
Cybercriminals are still targeting blockchain networks and exchanges
Despite the fall of the crypto market in 2022, cybercriminals are still targeting blockchain networks and exchanges for their financial gain. In 2022, cybercriminals and scammers caused a total of 301 blockchain incidents. Last year hacks rose by 27% compared to 2021, when researchers registered 237 blockchain events.
The first quarter of 2022 started strong with 79 blockchain incidents, the most recorded in a quarter at that time. However, in the second quarter, hacks were up by 24% and reached new heights at 98 events. Due to the fallen prices of most crypto, blockchain hacks have dipped significantly to 56 events in the third quarter, a 43% drop compared to Q2. While the crypto market is still down, blockchain hackers and scammers came back with more schemes in the last quarter of the year, with 68 incidents and more than $1 billion in stolen profit.