Daily Management Review

Hackers break record for blockchain hacks, steal $1.3B in crypto assets


Hackers stole about $1.3 billion worth of crypto assets in the first quarter of 2022, Atlas VPN analysts estimated.

Hackers stole nearly $1.3 billion worth of crypto-assets during the first quarter of 2022 in 78 blockchain hacks. That's according to encryption and cybersecurity company Atlas VPN, which made its calculations based on data from Slowmist Hacked, a project that collects disclosed incidents in blockchain projects. 

The researchers said that they estimated the monetary losses of blockchain projects by the rate of a particular cryptocurrency at the time of the hack or fraud. For example, the Ethereum ecosystem lost nearly $636 million in 18 incidents.  The largest theft in terms of damage occurred at the end of March. At that time, 173,600 Ethereum and 25.5 million USDC Stablecoins worth $610 million were stolen from the Ronin blockchain network, which runs the crypto game Axie Infinity. 

The NFT industry (non-interchangeable tokens) suffered 20 hacks with losses of $49 million. Crypto-exchanges were robbed of $42 million in just three hacks. The current level of theft is a record for blockchain platforms. Cryptoprojects were hacked five times in the first quarter in 2018, and 62 times in the same period the following year. The number of hacks dropped to 13 in early 2020, rising to 33 in the first quarter of 2021. 78 hacks in the first quarter of 2022, a 136% increase over the same period last year.

source: atlasvpn.com