September 27, 2022


Summary:

  • About seven protocols have suffered encryption breaches since June 30, 2022.
  • These protocols were multi-chain bridges and DeFi projects according to SlowMist’s report.
  • Hackers stole $1 billion from these security breaches.
  • More than $2.4 billion from hacks and exploits were deposited into cryptocurrency mixing service Tornado Cash.
  • This represents over 70% of all revenue from crypto hacks in 2022 so far.
  • The exchanges lost about $77 million to security-related issues.

The latest crypto report from SlowMist shown that more than $1 billion was stolen from decentralized finance (DeFi) protocols and cross-bridges in various security breaches in the first half of 2022.

According to the blockchain analytics company, the amount stood at $1.043 billion as of June 30, 2022.

The report noted that this crypto hack revenue was drained from seven cross-chain bridge protocols that experienced security issues and exploits between January and June. of March $600 million hark on the Ronin network, one of the biggest hacks in crypto history, topped the list from the report.

As previously reported, the sidechain built by Sky Mavis for the blockchain game Axie Inifitiy was cyber-attacked. The crypto hackers were later identified as Lazarus, a North Korean group known for gaining high profile.

Crypto hacks involving Wormhole, Optimism, and Harmony to name a few were also included in the Slow Mist report.

Crypto Hackers Are Exploiting Tornado Cash Throughout The First Half Of 2022

Data from the analysis also revealed that crypto-mixing service Tornado Cash was exploited multiple times after the DeFi protocols were breached. A mixing platform hides the source of digital assets upon deposit. Protocols like Tornado Cash use leverage codes to pool digital assets and make it difficult to trace the origin of transactions.

Wednesday’s report said more than $2.4 billion in crypto receipts were deposited into Tornado Cash. This represents 74.6% of all funds stolen from holdings in DeFi projects and multi-chain bridges.

Exchanges lose less than $100 million in crypto and security breaches

Specifically, the report highlighted that crypto exchanges have suffered fewer losses from security issues. The total funds leveraged by the exchanges amounted to about $77 million, according to the report. The report covered data from attacks on decentralized exchanges such as Uniswap and KLAY Swap.

Central trading platform Crypto.com was also mentioned.





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