futurewithcrypto.com
Cryptocurrencies may crash this year but they remain a digital cash-machine for a powerful constituency: hackers.
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According to blockchain expert Chainalysis Inc., at least $718 million has been stolen so far in just October.
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This brings the total for the year to $3 billion, and 2022 is now the year with the most hacks in terms of value.
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Hackers have become adept at exploiting vulnerabilities in the security, coding and architecture of the DeFi marketplace.
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This is putting pressure on crypto players to find solutions that DeFi sees as critical to crypto adoption.
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“October is now the biggest month for hacking activity in 2022,” Chainalysis said on Twitter on Thursday, adding that bridges between blockchains are also a major vulnerability.
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Two major exploits have rocked the crypto sector in recent days.
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One of them was a heist in which a hacker extorted nearly $100 million from DeFi service Mango by rigging the price of its token.
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In the process, the perpetrators wiped out depositors on the platform
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2 million Binance coins, worth approximately $570 million, were effectively minted and taken by a hacker last week.
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