Last month was quite spooky for the crypto industry as it saw the highest number of DeFi hacks this year. While October was expected to be “Uptober,” it quickly turned to “Hacktober” as cyber criminals ransacked top crypto projects for hundreds of millions of dollars. A recent tweet by the blockchain security company PeckShield pointed out that October was the biggest month for hacking activities this year. The DeFi market suffered from 44 exploits hat impacted 53 protocols in the tenth month, with the hackers netting $760.2 million. According to PeckShield, the biggest amount of funds was stolen from the BNB Chain exploit that saw hackers wipe a whopping $586 million from the blockchain network. It was followed by the Solana-based crypto lender, Mango Markets, which was exploited for $100 million. Hackers stole $15.8 million from the crypto vesting platform, Team Finance, by taking advantage of a bug in the Version 2 to Version 3 migration on the protocol. PeckShield noted that hackers have already returned about $115 million out of the stolen funds to exploited platforms in what could be termed a silver lining amid the numerous losses.
Full report : Hacktober Finished With $657 Million Losses From Crypto Exploits.
While October 2022 Web3 hacks are alarming, they do not present a proper picture. OODA has been compiling a comprehensive Web3 incident database based on our research to categorize what compromises are taking place as well as document the root causes that plague Cryptos, DeFi, NFTs, and Web3 in general. Tracking root causes provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks. You can access the OODA comprehensive Crypto Incident tracker here.
