Crypto lost $2.77 billion to hacks, exploits in 2022

Over $2.77 billion price of crypto was misplaced to hacks, exploits, and assaults in 2022, in keeping with CoinGecko’s latest research.

Round 47% of this quantity — equating to $1.30 billion — was stolen utilizing a various vary of strategies together with market manipulation, bypassing the verification course of, and exploiting minor errors, in keeping with the CoinGecko report.

Most damaging strategies

“Crypto hackers are exploring unconventional methods of stealing from tasks and customers,” states the report, after exploring the strategies attackers most well-liked in 2022.

The outcomes confirmed that almost half of the overall quantity was stolen utilizing new strategies which weren’t included within the classes.

Methods used in attacks in 2022 (Source: CoinGecko)
Strategies utilized in assaults in 2022 (Supply: CoinGecko)

The most important heist of the yr was Axie Infinity’s Ronin Bridge hack, which is categorized underneath the entry management class. The attackers managed to steal over $615 million in Ethereum (ETH), which makes up over 58% of the overall entry management hacks.

The second, third, and fourth largest heists of the yr have been the outcomes of unconventional strategies, in keeping with the report.

Solana’s (SOL) wormhole hack price over $200 million, marking the second-largest lack of 2022. The Nomad bridge exploit and the Mango Markets hack price over $190 million, and $116 million, respectively, rating because the third and the fourth largest losses of the yr.

Exploits in 2022

The $2.77 billion misplaced to attackers in 2022 marks the best quantity stolen in a single yr since 2013. In 2012, the overall quantity misplaced to attackers was $3.36 billion.

The chart under demonstrates the overall annual quantity of crypto misplaced to hacks and exploits since 2018.

Losses to attackers (Source: CoinGecko)
Losses to attackers (Supply: CoinGecko)

The losses recorded in 2022 marks a 4.2% enhance from 2021’s $2.66 billion. The chart additionally distinguishes the quantity misplaced every quarter. The primary quarter of 2022 misplaced essentially the most important quantity to the attackers, with $1.26 billion. Over $715 million was misplaced through the second quarter — an extra $398 million and $395 million have been misplaced within the third and fourth quarters, respectively.

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