2022 was a rich year for crypto thieves, especially those hacking DeFi protocols, chainalysis said in a new report. baidakova skimmed the most interesting findings.
Thieves, hackers, exploiters
2022 became the biggest year for crypto thieves. According to Chainalysis, about $3.8 billion, more than any other year, was stolen from various services and protocols, $775.7 million of which was stolen in October alone. At the same time, total revenue of scammers and ransomware hackers declined, the report says.
82.1% of all the stolen funds were taken from DeFi protocols, especially cross-chain bridges – protocols allowing users to trade assets between two different blockchains. “Bridges are an attractive target for hackers because the smart contracts in effect become huge, centralized repositories of funds backing the assets that have been bridged to the new chain — a more desirable honeypot could scarcely be imagined,” the report reads.
A growing trend in DeFi hacks is oracle manipulation, when an attacker compromises the mechanisms by which a decentralized protocol gets a price for traded assets, and creates favorable conditions for fast and super-profitable trades, Chainalysis says. According to the report, in 2022, DeFi protocols lost $386.2 million in 41 separate oracle manipulation attacks.
One example of this is a Mango Markets exploit, for which the alleged attacker, Avraham Eisenberg, wasNorth Korean hackers from the Lazarus group broke their own record in 2022: $1.7 billion stolen from several victims. Most of that money was sent to decentralized exchanges and several mixers: Tornado Cash, Blender.io, and, after the shutdown of Blender, to Sinbad.
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