Over $3 billion stolen from crypto-currency projects in 2022

The year 2022 can be labeled as one of the most notorious for the digital currency ecosystem, with Forbes confirming that over $3 billion was lost to break-ins and exploits. According to the report, the industry has suffered a total of 125 hacks this year alone, and the top five protocols have seen a total of $1.48 billion moved by hackers.

The decentralized finance ecosystem (DeFi) was the most attacked branch of the industry. DeFi hacks accounted for up to 49% of the overall total. The impact of these hacks is incalculable and has contributed to the decline in investment in the DeFi world, according to the channel’s data.

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Per DeFiLlama, the total value locked up (TVL) in DeFi protocols has dropped from more than $166 billion at the beginning of the year to $38.91 billion at the time of this writing. Expert developers in the industry have continued to express dissatisfaction with the extent to which protocols – particularly bridges – are attracting hackers.

In its report, Forbes recounts that the top five hacks of the year include the $625 million Ronin Network hack, the $325 million WormHole Network hack, the $190 million Nomad bridge, the $182 million Beanstalk Farms hack, and the $160 million Wintermute hack.

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Hacks beyond DeFi

While DeFi has seen the most hacks, non-fungible tokens (NFTs) and crypto-currency exchanges have also seen a number of exploits throughout the year. One of the first victims of an exchange hack was Crypto.com, which lost no less than $35 million in mid-January. The hack did not disrupt the exchange’s operations but signaled that no exchange platform is invincible to hackers.

High-profile NFT projects, including Bored Ape Yacht Club (BAYC), have been subject to a number of attacks on their Discord platforms, with hackers exploring different strategies to scam investors.

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