Crypto Hacks And Scams Decline To End Tragedy 2022
Key Points:
- According to statistics by CertiK, crypto breaches cost victims $62.2 million in December. The lowest monthly statistic for 2022 occurred in the final month of the year.
- Ankr Reward Bearing Staked BNB (aBNBc) into hBNB and stakeing it in Helio Protocol, the attacker exploited the Ankr Protocol. Then, in exchange for HAY0, they lent millions in BHAY0.
- Exploits cost the economy more than $715M in March, and $595M in November. The exploit and scam front was relatively quiet in January, May, July, and December, with smaller losses of $179M, $98.8M, $65.5M, and $61M, respectively.
Crypto hacks cost victims $62.2 million in December, according to statistics by CertiK. The lowest monthly statistic for 2022 occurred in the final month of the year.
The platform acknowledged that the total losses for the year have topped $3.76B.
The platform claims that the $15M damage from the Helio Protocol breach made it the greatest incident of the previous month. HAY is a “destablecoin” made possible by the Helio Protocol that uses BNB as collateral. The asset with too much collateral claims to yield 7%.
By converting Ankr Reward Bearing Staked BNB (aBNBc) into hBNB and stakeing it in Helio Protocol, the attacker exploited the Ankr Protocol. Then, in exchange for HAY0, they lent millions in BHAY0. After the exploit, HAY lost its peg to the dollar but has subsequently restored it thanks to a repurchase and burn by the developer team.
The loss of nearly $12M suffered by Defrost Finance due to an alleged flash loan attack was the second-largest occurrence of December. According to reports, the hacker stole $173,000 via breaking the Defrost V1 protocol. In a more significant V2 attack, a perpetrator stole $12.9 million by liquidating users’ shares using a fake collateral token and a false price oracle.
The month’s most notable hacks included those of BitKeep, Ankr, and Lodestar, among others
According to CertiK, exit scams cost $15.5M in losses. Meanwhile, flash loans took in about $7.6 million, down from H2 2022. Similar exploits cost April a staggering $300.5M, with Lodestar the target of the flash attack that caused the most damage.
The worst months, based on large incidences until 2022, are March and November. Exploits cost the economy more than $715M in March, and $595M in November. The exploit and scam front was relatively quiet in January, May, July, and December, with smaller losses of $179M, $98.8M, $65.5M, and $61M, respectively.
According to the November update, there were 36 significant attacks in the month, resulting in $595M in losses. The biggest hack that month was $477M from FTX. After the demise of multiple crypto juggernauts like Celsius and FTX, the worrisome rise in DeFi hacks has probably been the year’s second most apparent trend.
The most frequently used cross-chain bridges continue to exist.
50% of DeFi vulnerabilities, according to prior research by bitcoin data aggregator Token Terminal, target cross-chain bridges.
A seasoned Bitcoin engineer revealed at the beginning of the year that he had lost $3.6 million worth of Bitcoin, highlighting the risks of self-custody.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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Crypto Hacks And Scams Decline To End Tragedy 2022
Key Points:
- According to statistics by CertiK, crypto breaches cost victims $62.2 million in December. The lowest monthly statistic for 2022 occurred in the final month of the year.
- Ankr Reward Bearing Staked BNB (aBNBc) into hBNB and stakeing it in Helio Protocol, the attacker exploited the Ankr Protocol. Then, in exchange for HAY0, they lent millions in BHAY0.
- Exploits cost the economy more than $715M in March, and $595M in November. The exploit and scam front was relatively quiet in January, May, July, and December, with smaller losses of $179M, $98.8M, $65.5M, and $61M, respectively.
Crypto hacks cost victims $62.2 million in December, according to statistics by CertiK. The lowest monthly statistic for 2022 occurred in the final month of the year.
The platform acknowledged that the total losses for the year have topped $3.76B.
The platform claims that the $15M damage from the Helio Protocol breach made it the greatest incident of the previous month. HAY is a “destablecoin” made possible by the Helio Protocol that uses BNB as collateral. The asset with too much collateral claims to yield 7%.
By converting Ankr Reward Bearing Staked BNB (aBNBc) into hBNB and stakeing it in Helio Protocol, the attacker exploited the Ankr Protocol. Then, in exchange for HAY0, they lent millions in BHAY0. After the exploit, HAY lost its peg to the dollar but has subsequently restored it thanks to a repurchase and burn by the developer team.
The loss of nearly $12M suffered by Defrost Finance due to an alleged flash loan attack was the second-largest occurrence of December. According to reports, the hacker stole $173,000 via breaking the Defrost V1 protocol. In a more significant V2 attack, a perpetrator stole $12.9 million by liquidating users’ shares using a fake collateral token and a false price oracle.
The month’s most notable hacks included those of BitKeep, Ankr, and Lodestar, among others
According to CertiK, exit scams cost $15.5M in losses. Meanwhile, flash loans took in about $7.6 million, down from H2 2022. Similar exploits cost April a staggering $300.5M, with Lodestar the target of the flash attack that caused the most damage.
The worst months, based on large incidences until 2022, are March and November. Exploits cost the economy more than $715M in March, and $595M in November. The exploit and scam front was relatively quiet in January, May, July, and December, with smaller losses of $179M, $98.8M, $65.5M, and $61M, respectively.
According to the November update, there were 36 significant attacks in the month, resulting in $595M in losses. The biggest hack that month was $477M from FTX. After the demise of multiple crypto juggernauts like Celsius and FTX, the worrisome rise in DeFi hacks has probably been the year’s second most apparent trend.
The most frequently used cross-chain bridges continue to exist.
50% of DeFi vulnerabilities, according to prior research by bitcoin data aggregator Token Terminal, target cross-chain bridges.
A seasoned Bitcoin engineer revealed at the beginning of the year that he had lost $3.6 million worth of Bitcoin, highlighting the risks of self-custody.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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