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Tuesday, December 6, 2022

Crypto Hacks For October Has Been The Greatest

Chainalysis is a blockchain intelligence company that has been tracking the movement of crypto funds since 2013. The research team at Chainalysis has found that the cryptocurrency ecosystem has been subject to more than $718 bln in exchange crypto hacks in 2022 alone.

A group of crypto hacks reportedly stole 7,000 BTC from several online exchanges. The coins were divided into three transactions through three different wallets, each with 2,500 BTC being transferred to unknown addresses. In a previous report, it was stated that crypto exchanges have lost more than $4.4 bln worth of cryptocurrency since 2017. The majority of these losses were due to hacks and fraudulent activity on the exchange side.

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In fact, according to Chainalysis’ report on crypto exchange hacks, the average amount stolen per hack is around $2 mln worth of crypto. This is impressive considering that the average amount stolen from individuals in Bitcoin (BTC) isn’t even half as large at $1,163 per theft victim.

Crypto Hacks A Reason For Headaches

Another 6k BTC was stolen from Bitstamp and transferred to an unknown address in one transaction.

In total, these crypto hacks resulted in losses of tens of millions of dollars worth of cryptocurrency at the time they occurred and may have contributed toward a decline in cryptocurrency prices.

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It’s no secret that crypto exchanges are prime targets for hackers because they keep large amounts of cryptocurrency in escrow and can easily transfer funds between accounts or wallets within their system.

Take Binance, which has emerged as one of the largest platforms in terms of trading volume and users — a perfect target for hackers looking to steal funds and make off with millions at a time (or even billions). In recent months, Binance has become aware of multiple attempts by hackers to compromise its systems and steal funds through various methods including phishing emails sent out by imposters posing as employees or other users on the platform itself.”

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