Hackers Stole $3.8 Billion From Crypto Firms in 2022, Says Chainalysis

Hackers Stole $3.8 Billion From Crypto Firms in 2022, Says Chainalysis

Blockchain analytics firm Chainalysis says 2022 was “the biggest year ever for crypto hacking,” with $3.8 billion stolen from cryptocurrency businesses. The firm added that decentralized finance (defi) protocol hacks accounted for 82.1% of all cryptocurrency stolen by hackers during the year. Crypto Hacking Hit Record High in 2022

Blockchain analytics firm Chainalysis published a section of its upcoming 2023 Crypto Crime Report on Wednesday, stating: 2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen from cryptocurrency businesses.

The firm explained that crypto hacking activity significantly increased in March and peaked in October — the month which “became the biggest single month ever for cryptocurrency hacking, as $775.7 million was stolen in 32 separate attacks,” Chainalysis described.

The firm added that “82.1% of all cryptocurrency stolen by hackers — a total of $3.1 billion” came from decentralized finance (defi) hacks. Noting that this percentage was up from 73.3% in 2021, the firm pointed out that $3.1 billion of 64% came from cross-chain bridge protocols specifically.

Chainalysis also detailed that “North Korea-linked hackers … have been by far the most prolific cryptocurrency hackers over the last few years,” elaborating: In 2022, they shattered their own records for theft, stealing an estimated $1.7 billion worth of cryptocurrency across several hacks we’ve attributed to them.

Moreover, the blockchain analytics firm stated that North Korea-linked hackers stole $1.1 billion of that amount from defi protocols, making North Korea “one of the driving forces behind the defi hacking trend that intensified in 2022.” Besides defi protocols, Chainalysis noted that “North Korea-linked hackers also tend to send large sums to mixers, which have typically been the cornerstone of their money laundering process.”

The firm further detailed that “For much of 2021 and 2022, North Korea-linked hackers almost exclusively used Tornado Cash to launder cryptocurrency stolen in hacks.” Ethereum mixer Tornado Cash was sanctioned by the U.S. government in August last year. Tags in this story Chainalysis, Chainalysis crypto hacking report, Crypto hackers, crypto hacking, cryptocurrency hacking, decentralized finance hackers, defi hackers, Defi protocols, North Korea crypto hackers, North Korea cryptocurrency hackers

What do you think about hackers stealing $3.8 billion from cryptocurrency firms last year? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Charlie Munger Urges US Government to Ban Crypto Like China Has Done FEATURED | 1 day ago Tesla"s SEC Filing Shows Bitcoin Fair Market Value of $191 Million FEATURED | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance Returns to Korean Crypto Market — Invests in Troubled Exchange Gopax Next articleBinance Says Indian Crypto Exchange Wazirx Can No Longer Use Its Wallet Services Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto