Chainalysis: October Breaks Record for Crypto Stolen by Hackers

According to a report from blockchain analytics firm Chainalysis, losses from DeFi protocol hacks reached $718 million across 11 attacks since October 1. If this trend continues, 2022 is expected to surpass 2021 and become the worst year on record for crypto hacks.

So far this year, cybercriminals have stolen over $3 billion in 125 separate breaches. Analysts noted that in 2019, hackers primarily targeted centralized platforms, but now their focus has shifted to DeFi protocols.

“Cross-chain bridges remain the main target for hackers: in October, three bridges were hacked, resulting in nearly $600 million stolen. This accounts for 82% of losses this month and 64% of losses for the entire year,” the report states.

For example, on October 6, $566 million was stolen from the Binance Bridge. However, most of the stolen funds remained on the BNB Smart Chain. According to Binance estimates, hackers managed to withdraw between $100 million and $110 million.