2022s Long List Of Losses In Crypto
In 2022, crypto-based projects were subjected to a slew of devastating hacks and exploits, making it the worst year ever for securing digital assets.
Overall, the frequency of crypto hacks increased dramatically this year, surpassing a record $3 billion in total funds lost, a significant increase from the $2 billion lost to hacks in 2021.
As such, here are the biggest hacks of 2022 along with the amount of funds lost:
1. Ronin Network ($625 Million)
2. FTX ($400 Million)
3. Wormhole ($325 Million)
4. Nomad ($190 Million)
5. Beanstalk Farms ($182 Million)
6. BNB Token Hub ($120 Million)
7. Mango Markets ($114 Million)
8. Horizon ($100 Million)
9. Qubit ($80 Million)
The year demonstrated how blackhat or malicious hackers are employing increasingly sophisticated strategies to exploit flaws in decentralized applications, which, like any other piece of software, may contain bugs.
Security cases involving cross-chain bridges and DeFi protocols stood out among the major crypto heists of 2022, causing damages totaling hundreds of millions of dollars in individual exploits. Hackers gained unauthorized access to and stole crypto assets by exploiting vulnerabilities in smart contracts.
Needless to say, security will continue to be among the top goals for everyone as we prepare for what 2023 has to offer.
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