From January to November, hackers stole over $3 billion worth of cryptocurrency.
A year of headline-grabbing hacks and scandals made 2022 a tough year when it comes to securing digital assets.
Victims lost $3 billion to crypto hacks in 2022, according to Chainalysis, a spike from $2 billion lost in 2021. Jump Crypto, a trading and VC firm, eventually replaced the stolen 120,000 ETH ETHE , to support Wormhole.In March, hackers stole $625 million worth of crypto assets from gaming-focused Ronin Network, which hosted a game called Axie Infinity. At its peak in 2021, Axie Infinity’s play-to-earn game model allowed gamers in Southeast Asia to earn a living simply by playing the game.
The hacker exploited the project’s governance system, which like most DeFi projects works by majority vote. The creators of Beanstalk made it so that participants can vote to make changes to the code. Participants got voting rights based on the proportion to the value of the tokens they held, creating an opportunity for the hackers.
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