Overview:
- As of June 30, 2022, seven protocols have been victimized by crypto hacks.
- These protocols were cross-chain bridges and DeFi projects, according to SlowMist’s report.
- Hackers stole over $1 billion from these security breaches.
- Over $2.4 billion in hacks and exploits landed in cryptocurrency mixing service Tornado Cash.
- This will account for over 70% of revenue from cryptocurrency hacks in 2022 so far.
- Security-related issues cost the exchange about $77 million.
SlowMist’s latest crypto report showed that over $1 billion was stolen from decentralized finance (DeFi) protocols and cross-chain bridges in multiple security breaches in the first half of 2022.
That number has reached $1,043 million as of June 30, 2022, according to a blockchain analytics firm.
The report notes that these crypto-hacking proceeds leaked from seven cross-chain bridge protocols that experienced security issues and exploits between January and June. His $600 million hack into his Ronin network in March was one of the biggest hacks in cryptocurrency history, topping the report’s list.
As previously reported, the sidechain built by Sky Mavis for the Axie Inifitiy blockchain game has come under cyberattack. The crypto hackers were later identified as Lazarus, a North Korean group known for performing high-profile exploits.
Cryptocurrency hacks including Wormholes, Optimism, Harmony and more were also included in the Slow Mist report.
Crypto Hackers Leverage Tornado Cash Through 1H 2022
Data from the analysis also revealed that cryptocurrency mixing service Tornado Cash was utilized several times after the DeFi protocol was hacked. Mixing platforms mask the source of digital assets upon deposit. Protocols like Tornado Cash use codes to pool digital assets together, making it difficult to trace the origin of transactions.
More than $2.4 billion in cryptocurrency hack proceeds have been deposited into Tornado Cash, according to Wednesday’s report. This accounts for his 74.6% of all stolen funds from DeFi projects and cross-chain bridge exploits.
Exchange lost less than $100 million in cryptocurrency hacks and security breaches
In particular, the report highlights that cryptocurrency exchanges have experienced very few losses due to security issues. According to the report, the total funds drawn from the exchange was around $77 million. This report covers data on attacks against decentralized exchanges such as Uniswap and KLAY Swap.
Centralized trading platform Crypto.com was also mentioned.
