Counting the total value of crypto lost in DeFi exploits shows that October was the worst month on record, not even halfway through yet.
Industry analysis firm Chainalysis has reported that October just became the busiest month on record for crypto hacking activity.
On Oct. 13, the company tweeted that $718 million has been stolen from 11 different DeFi protocols via hacks or exploits so far this month.
The number only eclipses the highest-ever month for hacks, March, when the Ronin Bridge was hacked for over $600 million.
“At this rate, 2022 is likely to surpass 2021 as the most prolific year for hacking ever. So far, hackers have raked in over $3 billion with 125 hacks,” it said.
1/ After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity, with more than half of the month still to come. So far this month, $718 million has been stolen from #DeFi protocols across 11 different hacks. pic.twitter.com/emz36f6gpK
— Chainalysis (@chainalysis) October 12, 2022
DeFi hacking season
Chainalysis compared the nature of the exploits to those of 2019, noting that back then most hacks targeted centralized exchanges, while now they target DeFi protocols and cross-chain bridges.
So far this month, three bridges have been breached and nearly $600 million stolen. These account for 82% of losses this month and 64% of losses so far in 2022.
This week alone there have been exploits on Mango Markets, TempleDAO and QANplatform. Losses from each platform totaled over $100 million from Solana-based DeFi derivatives platform Mango, $2.34 million from yield farming protocol TempleDAO, and $1 million from quantum-resistant Layer-1 – Blockchain QANplatform. Earlier this month, the Binance BNB chain was mined for over $100 million, contributing to the record-breaking October tally.
DeFi Yield’s Rekt database reports that the total amount of money lost to crypto hacks, exploits and rug pulls has increased by about 200% in the last month. That total now totals a staggering $61 billion, according to Dashboard.
The numbers are somewhat skewed, however, as they list the collapse of the Terra ecosystem as the largest monetary loss in the crypto industry, with a loss of $40 billion.
TVL refueling
The total value locked across the DeFi ecosystem has fallen by 71.5% since its all-time high of $214 billion in December 2021. Today’s figure is $61 billion, according to DeFiLlama.
The drop is not related to hacking or exploits but is a result of the decline in crypto asset prices. Crypto markets are down a very similar percentage, 69%, over the same period, falling from just over $3 trillion in November to $957 billion today.
Disclaimer
All information contained on our website is published to the best of our knowledge and belief and for general information purposes only. Any actions taken by the reader based on the information contained on our website are entirely at your own risk.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.