Fun

Report: $1.3 Billion in Crypto Stolen in Q1 2022, 97% Stemmed From Defi Exploits

News Feed - 2022-04-28 05:04:00

Report: $1.3 Billion in Crypto Stolen in Q1 2022, 97% Stemmed From Defi Exploits


According to a research report, $1.3 billion in digital currencies have been stolen during the first quarter of 2022. The study, published by cryptomonday.de researchers, further highlights that 97% of the stolen funds derived from decentralized finance (defi) protocol exploits. Defi Exploits Account for Lion’s Share of Stolen Crypto This Year


2022 is already breaking records in terms of stolen cryptocurrencies from hacks and exploits. Last year, $3.2 billion in digital currencies were stolen and so far, 2022 has recorded over 40% of 2021’s aggregate during the first quarter alone. The recorded stolen crypto data stems from a report published by cryptomonday.de and the study’s author, Elizabeth Kerr. The report’s author says “the numbers signify a major spike.”



For instance, out of the $1.3 billion in digital currencies stolen this year, 97% of the funds were taken from defi protocols. In Q1 2021, only 72% of the stolen funds derived from defi and in 2020, the number was as low as 30%. Moreover, most of the theft in 2022 came from faulty code exploits where smart contract errors have been used to siphon stolen money from defi protocols. The author says that because the defi environment is open source, anyone can search for vulnerabilities and errors within a defi project’s codebase. Centralized Exchange Hacks Drop Significantly


The research further details that in previous years, centralized exchanges were popular honeypots, but attacks on centralized trading platforms has declined. “[Centralized exchange attacks] now only account for less than 15% of the [stolen] cryptos,” Kerr writes. The report also notes that common defi protocol hacks came in the form of flash loan attacks and security breaches. The report’s author further mentions the Ronin bridge attack, which saw a loss of over $600 million.


“Hackers and cyber criminals made away with more than $3.2 billion last year and we just might have a higher amount being stolen this year, if the first quarter is anything to go by. The need for tighter security measures grows by the day, especially since more people are coming aboard,” Jonathan Merry, CEO at Cryptomonday explained in a statement. Tags in this story 2022 thefts, 97%, CEO of Cryptomonday, Crypto stolen, cryptomonday.de, DeFi, Defi attacks, defi hacks, Defi protocols, Elizabeth Kerr, faulty code exploits, Jonathan Merry, Q1 2022, Research, Ronin bridge attack, Stolen Crypto, study


What do you think about the study that shows most of 2022’s stolen crypto assets stemmed from defi protocol exploits? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Decentralized Finance Crypto Exchange Uniswap Starts Blocking Addresses Linked To "Blocked Activities" DEFI | 2 days ago Metrics Show Decentralized Exchange Volumes Continue to Slide This Year DEFI | 6 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTop ECB Official Ramps Up Anti-Crypto Rhetoric, Calls for Global Regulations 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 ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Bitcoin block size hits yearly low: Impact of BTC halving?
Josh O"Sullivan12 hours agoBitcoin block size hits yearly low: Impact of BTC halving?Despite Bitcoin’s block size hitting a yearly low, the Runes minting market continues to show strong activity and profitability.2820
Biggest Movers: NEAR Hits 1-Month Low, XMR Down 12%
Biggest Movers: NEAR Hits 1-Month Low, XMR Down 12% NEAR saw recent losses extend on Wednesday, as it fell to a one-month low during today’s session. The decline in NEAR ca
Paraguay to Become Top Bitcoin Mining Hub in Latam According to Insight Group
Paraguay to Become Top Bitcoin Mining Hub in Latam According to Insight Group Paraguay, one of the smallest countries in Latam, has the conditions needed to become the next Bitcoin
Tom Blackstone4 hours agoStake hack of $41M was performed by North Korean group: FBIAfter investigating, the FBI concluded that the hack of crypto gambling site Stake was carried out by North Korean hackers Lazarus Group
Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Pivotal FOMC Meeting
Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Pivotal FOMC Meeting Bitcoin consolidated recent gains on March 21, as markets await the upcoming Federal Open Mark
Neon Link’s Gaming-Focused Neon Coin Presale Begins
Neon Link’s Gaming-Focused Neon Coin Presale Begins press release PRESS RELEASE. LONDON, ENGLAND – February 15th, 2023 – Neon Link, the new blockchain gaming ecosyst
CoinShares posts record revenue in Q1, backed by markets, Bitcoin ETFs
Ana Paula Pereira7 hours agoCoinShares posts record revenue in Q1, backed by markets, Bitcoin ETFsCoinShares’ revenue, gains and other income reached 43.9 million pounds ($55 million) in the first quarter of 2024, a 21
Ethereum Breaks Higher With Conviction: No Signs Of A Breakdown Yet
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Avalanche Bounces Off Key Price Level: Top Indicator Flashes A Buy Signal
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Egyptian Banks Set to Launch Multi-Million Dollar Fintech Fund
Egyptian Banks Set to Launch Multi-Million Dollar Fintech Fund Egyptian banks are reportedly on course to launch a $69.6 million fund which is earmarked to support the country
OFAC’s Tornado Cash Ban Causes Github Suspensions and the Blacklisting of Crypto Addresses Holding $437M
OFAC"s Tornado Cash Ban Causes Github Suspensions and the Blacklisting of Crypto Addresses Holding $437M On August 8, the ethereum mixing service Tornado Cash, and all the crypto a
Crypto trader turns $3K into $46M in one month as PEPE price soars
Zoltan Vardai7 hours agoCrypto trader turns $3K into $46M in one month as PEPE price soarsThe savvy cryptocurrency trader is up over 15,000 fold on his initial $3,000 Pepe investment in just one month.9639 Total views18