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Crypto-related exploits and hacks’ figure in October might startle you

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Crypto-related exploits and hacks' figure in October might startle you

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Blockchain security firm PeckShield has reported data related to hacks and exploits indicating that Halloween wasn’t the only scary thing to happen in October. 

$1 billion was lost in October alone

According to their report, the month of October saw a total of 44 exploits that affected as many as 53 protocols. These hacks have led to a combined loss of $760 million, but given that $100 million has been recovered, the net loss comes out to be almost $660 million. 

If one takes into account the loss caused by indirect exploits like Ponzi schemes and rug pulls, the figure for October goes well above $1 billion. 

When compared to October 2021, the YoY growth in exploited funds for this month stands at a whopping 130%. 

2022 set to take double hack losses 

2022 has outperformed the previous year by a fat margin, but not in a good way. 2021 saw $1.55 billion lost to hacks and exploits throughout the year.

As for this year, that threshold had been crossed before the end of the second quarter itself. As of 31 October, the figure stood at $2.98 billion, almost double of 2021’s figure. At this pace, the figure will most likely cross the $3 billion mark.

However, 2022 has outperformed 2021 in one positive metric as well. According to a report published by DEFIYIELD, the funds recovered so far from hacks and exploits are almost 37% higher than what was recovered in 2021. The months of February and March saw the most recovery, contributing $326 million and $156.8 million respectively. 

Ronin Bridge and BNB Chain lead the pack

The exploits carried out on Ronin Bridge in March and BNB Chain in October remain the biggest contributor to lost funds. The attack on BNB Chain led to a loss of $586 million, while the exploit carried out on Ronin Bridge saw $625 million lost.  

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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