Cybercriminals have stolen more than $3 billion in cryptocurrency across 125 hacks this year, blockchain analytics firm Chainalysis revealed recently. In a Twitter thread, it stated that a huge chunk of the $3 billion was lost in October as 11 different hacks wiped off around $718 million.
"October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go," the company tweeted.
In 2021, hackers had siphoned off $2.1 billion, Chainalysis added.
In the last few years, hackers attacked crypto exchanges, but now, those companies have strengthened their security, so cyber criminals have focused their attention to "cross-chain bridges," which allow investors to transfer digital assets and data to different blockchains, Chainalysis stated.
These bridges store a lot of cryptocurrencies, providing a bigger and more intricate arena for hackers to infiltrate, it added.
"Cross-chain bridges remain a major target for hackers, with three bridges breached this month and nearly $600 million stolen, accounting for 82 per cent of losses this month and 64 per cent of losses all year," Chainalysis tweeted.
As per a report in CBS News, hackers had initially made off with $570 million in cryptocurrency from Binance, but the losses were minimised to under $100 million, its CEO said last week.
The cybercriminals also struck Nomad in August, reportedly taking nearly $200 million. Attacks on both the Binance and Nomad attacks instances of hackers exploiting security flaws within the cross-chain bridge transaction protocols, the report stated.
Read more: Top Cryptocurrency Prices Today October 17: Bitcoin flatlines, Ether up
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
