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Cryptocurrency hacks already at US$718mln in October

Published: 14:29 13 Oct 2022 BST

Crypto hacks

Cryptocurrency hacking activity for October is already the highest seen for any month in 2022 even though it's not yet the halfway mark.

At least US$718mln has been stolen in this month alone, taking the total tally for the year so far past US$3bn despite crypto prices crashing heavily in 2022.

All told, the amount of money stolen from hacks is on track to be the highest ever seen in a year, according to blockchain specialist Chainalysis.

Many of the targets are decentralised finance (DeFi) protocols, which deploy software-based algorithms that let crypto investors trade, borrow and lend to digital lenders, without needing a central intermediary.

Hackers have been successfully exploiting security, coding and structural weaknesses in DeFi, which is a problem given that it is so important for crypto adoption.

There have been some hefty amounts stolen in the last week or so, with one hacker running away with around US$100mln from DeFi service Mango by manipulating its token price.

Last week, meanwhile, 2mln Binance Coins – equivalent to nearly US$570mln – were taken by a hacker.

Approximately US$100mln was unreturned, with the rest being frozen, Binance said.

Chainalysis said earlier this year that North Korea-affiliated groups had stolen around US$1bn of crypto from DeFi protocols.

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