Blockchain hackers stole over $2.5 billion in three quarters of 2022

Even though the cryptocurrency market is in a deep slump, cybercriminals are still actively hacking blockchain technologies or launching scams.

According to the data analyzed by the Atlas VPN team, blockchain hackers stole $2.5 billion in three quarters of 2022. In total, hackers got away with nearly $483 million in Q3 2022. Despite that, blockchain hacks fell by 43% in the last quarter compared to Q2.

 

The Ethereum ecosystem suffered the most significant losses of $348 million over 11 hacks. The Polkadot ecosystem takes second place on the most significant losses list. The Polkadot crypto projects lost $52 million in just 2 hack events.

 

Next is the Binance Smart Chain (BSC) ecosystem, which was hacked 13 times and lost $28 million in crypto. BSC-related crypto projects suffered the most hacks out of all. Other crypto-related projects accumulated $29.5 million worth of crypto losses throughout 10 hacks.

 

Cybersecurity writer at Atlas VPN Vilius Kardelis shares his thoughts on blockchain hacks:

 

“Blockchain technology has been a great example of how security principles in financial transactions and information transmission are revolutionizing. Despite that, the technology is still susceptible to cybercriminals who exploit it for their benefit. Many crypto projects get hacked, or scammers set up rug pulls to steal from investors.”

 

Blockchain hacks fall significantly

 

While cryptocurrencies live through the bear market, hackers are also less active.

 

Since the start of the year, the total cryptocurrency market cap has decreased by 58%. Most crypto prices have been falling for months, which caused cybercriminals to pull away from performing hacks. After the significant crypto crash in June, blockchain hacks continued to fall from 24 in July to 21 in August, and only 10 incidents in September.

 

When comparing the third and second quarters of 2022, blockchain hacks fell by 43%, from 96 in Q2 to 55 events in Q3. Numbers from Q3 2021, compared to the same quarter this year, also show a decrease in blockchain incidents of 28%. If cryptocurrencies remain in the bear market, the number of hacks in Q4 will likely be similar to Q3.

AI is rapidly transforming small business operations across the UK, with a majority adopting it to...
Rackspace technology enhances its cyber defence centre with AI-powered tools, ensuring superior...
Unisys's report reveals the disconnect between ambition and IT preparedness and highlights the...
DXC Technology and Boomi partner to redefine enterprise automation with AI, focusing on...
As AI demands grow, decentralised energy solutions could be the key to overcoming grid delays for...
Explore how AI is transforming UK retail, balancing technological advancement with human oversight,...
Dealbooster Ai launches its intelligent virtual sales trainer to boost team performance using...
Xurrent unveils Sera AI, revolutionising IT operations by integrating real-time automation for MSPs...