Crypto-currency hackers earn more than $3 billion from 125 hacks so far this year

Data from blockchain analytics firm Chainalysis shows that October is “the biggest month in the biggest year ever for hacking activity“. The company added that crypto-currency hackers have earned more than $3 billion in 125 hacks so far this year.

Crypto-currency hacking activity explodes in October

1/ After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go. So far this month, $718 million has been stolen from #DeFi protocols across 11 different hacks. pic.twitter.com/emz36f6gpK

– Chainalysis (@chainalysis) October 12, 2022

Chainalysis shared statistics on Wednesday about hacks related to crypto-currencies. The blockchain data analytics company explained that in 2019, most hacks targeted centralized exchanges. However, a large majority of targets are now decentralized finance protocols (defi). Chainalysis wrote:

After yesterday’s four hacks, October is now the biggest month in the biggest year for hacking … So far this month, $718 million has been stolen from defense protocols across 11 different hacks.

The four hacks that took place on Tuesday involved the Rabby wallet, QANPlatform, Temple DAO and Mango Markets. The biggest exploit of the four was the Mango Markets hack, based on the Solana defi protocol, which stole about $115 million.

“Inter-chain bridges remain a major target for hackers, with 3 bridges breached this month and nearly $600 million stolen, accounting for 82% of losses this month and 64% of losses for the entire year“, Chainalysis detailed, elaborating:

At this rate, 2022 will likely surpass 2021 as the biggest piracy year on record. So far, pirates have made more than $3 billion in 125 hacks.