According to blockchain security firm SlowMist, total losses from crypto hacks have now reached $30 billion.
The company notes that the mammoth figure was collected from 1,101 different hacks dating back to January 2012.
Say SlowMist,
“In light of these staggering numbers, it is abundantly clear that both projects and users need to put a lot more emphasis on security within the realm of blockchain technology.”
This week, two different crypto projects were exploited for significant amounts.
Over the weekend, a hacker used forged proofs to launch withdrawal operations on cross-chain bridge contracts on the decentralized finance (DeFi) cross-chain protocol Poly Network.
Blockchain security infrastructure company BlockSec notes that the hacker made a profit on Ethereum (ETH) of about $5.3 million.
And on Thursday, a hacker took advantage of the Multichain bridging platform and pulled approximately $126 million worth of tokens from the Multichain bridge on the Fantom (FTM) network.
The market intelligence agency Chainalysis notes that DeFi protocols have become the biggest targets for hacking in the crypto space, with $3.1 billion in hacks last year accounting for more than 82% of the total amount stolen in 2022. Cross-chain bridges are the largest specific targets within DeFi, representing 64% of that $3.1 billion total.
Cross-chain bridges are designed to functionally enable transfers of crypto assets between two different chains.
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