The sum doesn't include other crypto hacks
DeFi attackers utilized a wide range of techniques to exploit vulnerabilities in Web3 projects. However, many of the most significant and expensive hacks of the year can be grouped into three categories: broken bridges, compromised keys, and flash loan exploits.Broken bridges, which link the blockchain ecosystem together, proved to be a prime target for attackers.
Compromised private keys, which generate digital signatures for blockchain transactions, were another avenue for DeFi hacks. The Wintermute contract, Ankr, and Helio were among the protocols that suffered losses due to compromised private keys. Flash loans, which allow for a massive loan without collateral, were also a common tool in DeFi hacks. The Beanstalk and Mango Markets protocols were among the victims of flash loan exploits in 2022., Chainalysis, a New York-based analytics firm, recently reported that the value of illicit cryptocurrency transactions reached an all-time high of a staggering $20.1 billion in 2022, which represents a 40% increase from the previous year.
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