Statistics Show That 718 Million Dollars Of Cryptocurrency Have Been Stolen In The Last Two Weeks Alone. If This Trend Continues, 2022 Will Break Records In Terms Of Stolen Cryptocurrencies.

The value of cryptocurrencies has decreased significantly in the last year. However, hackers are still eager to steal cryptocurrencies, and as Bloomberg writes, quoting Chainalysis Institute, profiteers have been able to pocket a lot of money by stealing these digital assets.

Statistics show that at least $718 million worth of cryptocurrency has been stolen this month alone (two weeks ago), so the gross figure will cross the $3 billion mark in 2022. If the situation continues like this, 2022 will break the record for the amount of cryptocurrency stolen by hackers.

The current record was available in 2021. As experts say, the three billion dollars in question have been stolen through 125 hacks.

^{As you can see, hackers managed to pocket more money in 2022 than in 2021, with fewer hacker attacks.}

Most targets seem to be DeFi (DeFi or decentralized finance) protocols. These protocols implement software-based algorithms into the system so crypto investors can trade, lend, or borrow cryptocurrency through digital ledgers without relying on a central intermediary.

Security experts say that hackers have become adept at exploiting weaknesses in the security system, code, and structure of decentralized finance-based marketplaces. Most financial service providers depend on DeFi systems, which makes it their responsibility to find a solution to prevent hacking.

Chainalysis Institute says that cryptocurrency has been stolen in no other month of 2022 as much as in October. This institute claims that bridges between blockchains are highly vulnerable, and many hackers steal cryptocurrency through them.

^{Bloomberg says more than $1.7 billion in cryptocurrency was stolen in the ten biggest hacks this year.}

In recent days, the crypto industry has been severely affected by two incidents. In the first incident, a hacker stole 100 million dollars by manipulating the Mango DeFi service token price.

Also, two million Binance Coins (equivalent to approximately $570 million) were stolen by a hacker last week. About $100 million was not returned, but the Binance exchange froze the rest of the money.

DeFi-based platforms have become an attractive target for government hacking groups. Earlier this year, hackers affiliated with the North Korean government managed to steal over $1 billion worth of cryptocurrency from DeFi protocols, according to Chainalysis.