Chainalysis says October 2022 is the biggest month in the biggest year ever for hacking activity as the total hacked value for the month is nearly reaching $718 million. The blockchain analytics firm highlighted that 11 different hacks on decentralized finance protocols had seen hundreds of millions exploited.
On October 11 alone, four exploits were recorded worth around $122 million. Hackers made off with $200,000 in crypto using a smart contract from crypto wallet Rabby Wallet; $1.89 million from the QAN platform’s Ethereum bridge; $2 million from TempleDAO; and a $118 million exploit on the Solana native Mango Markets.
Chainalysis outlined that 2021 was the biggest year for blockchain-based hacks on record in terms of total value hacked and the total number of hacks. But 2022, at the current rate, will likely surpass last year’s figures as over $3 billion has been exploited across 125 hacks so far. The analytical firm said October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go. Chainalysis has recorded a shift in where exploits are taking place too.
Most hacks in 2019 occurred on centralized cryptocurrency exchanges. But as the companies increased security, the huge majority of hacks – about 90% in 2022 have taken place on DeFi protocols. Cross-chain bridges have been the target this month, with three bridges accounting for 82% of October’s losses, wherein the largest of these bridge hacks was around $100 million.