Hackers Have Drained $1.4 Billion Worth of Crypto Since the Beginning of 2022 (Research)

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According to a examine performed by Chainalysis, wrongdoers have stolen roughly $1.4 billion price of digital property between January 2022 and now. Targeting cryptocurrency bridges appears to have been a most popular technique.

Some examples of such assaults in 2022 embrace the exploit of the Horizon bridge, the $190 million breach on Nomad Bridge, and one of the largest assaults in crypto’s historical past: the $615 million Ronin assault.

Cybercriminal’s Favorite Target: Crypto Bridges

It is secure to say that the digital asset business has grown in reputation over the previous couple of years. Moreover, the bull market in 2021 created a fascinating ecosystem for traders and corporations. On the flip facet, this additionally attracted unhealthy actors.

The blockchain analytics useful resource – Chainalysis – revealed that hackers have stolen round $1.4 billion in digital currencies since the starting of the yr. Their most popular goal appears to be cryptocurrency bridges – a sort of software program that connects completely different networks and facilitates the fast swaps of tokens.

“Blockchain bridges have turn into the low-hanging fruit for cyber-criminals, with billions of {dollars} price of crypto property locked inside them. Hackers have breached these bridges in varied methods, suggesting that their stage of safety has not saved tempo with the worth of property that they maintain,” Tom Robinson – Co-founder and Chief Scientist at Elliptic – stated.

Two of the most notorious instances at the begin of the yr included the Binance Smart Chain-based protocol – Qubit Finance – and Solana’s bridge Wormhole. Attackers drained $80 million from the first, whereas the latter was exploited for almost $320 million.

In March, criminals pulled off one of the largest hacks in crypto ever and drained over $588 million price of ETH and $25.5 million in USDC from Ronin Bridge. Despite the colossal assault, Sky Mavis’ workforce (the firm that runs the sidechain) reimbursed all affected victims. After fixing the main points, Ronin Bridge reopened at the finish of June.

Who Stood Behind the Ronin Attack?

Shortly after the hack on Ronin Bridge, a number of establishments launched an investigation to search out out who was accountable. One of these companies was the US Federal Bureau of Investigation (FBI) which decided that the attackers have been the infamous North Korean collective – the Lazarus Group.

Some estimations presume the gang is carefully associated to the authorities of North Korea, whereas the crypto property it drains might be used to strengthen Kim Jong-un’s reign in the East Asian nation.

Several months in the past, the United Nations (UN) accused the leaders of the totalitarian state of funding missile and nuclear experiments with stolen digital currencies. Despite the sanctions and warnings, North Korea continues to develop its navy power and check such weapons.

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