2022 turned out to be a great year for malicious actors.
Cryptocurrency firms struggled greatly in 2022, with multiple companies facing financial issues and bankruptcy. In addition to these challenges, over $3 billion was stolen from crypto projects this year, according to Forbes. These setbacks have caused turmoil in the industry and raised concerns about its stability., crypto projects witnessed more than 125 hacks, and the top five heists protocols) accounted for $1.48 billion of the total amount stolen.
The Forbes report stated that cross-chain bridges, which enable the swap of tokens between blockchains, were the top target for hackers this year. Hackers stole nearly $2 billion from blockchain bridges, accounting for 70% of all crypto theft in 2022.The reports also show that DeFi has become a favorite playground for hackers despite its uniqueness. But how is this happening?
Blockchain analytics platform Chainalysis reported that most thefts in the DeFi space are due to flawed codes, where smart contract errors have been used to steal money from protocols. The report explained that because the DeFi ecosystem is open source, anyone, including hackers, can search for vulnerabilities or errors and plan exploits well in advance.
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