Blockchain hacking is becoming much more common than ever. This is why a lot of crypto funds have been drained into the hands of hackers. The crypto market is in a deep slumber and still, and the hackers in this domain have still not ceased their activities to profit from it. The recent data analysis provided by Atlas VPN suggests that blockchain hacking has led to a loss of $478 million value of digital currencies.
Blockchain Hacking Data Collected
The Ethereum ecosystem topped the list of blockchain hacking cases in the third quarter of FY2022. The ecosystem saw the highest drain of cryptocurrencies as it lost over $347 million worth of digital currencies. In addition, the Polkadot ecosystem was the second in line to have lost about $52 million of crypto funds to blockchain hackers.
The NFT ecosystem, on the other hand, saw a loss of $3.9 million worth of assets. Thus, it acquired the 9th position in the list of losses to blockchain hackers. The above-mentioned chart also shows the number of crypto-related hack events that are concerned with hack targets. The highest number was for the BSC ecosystem that saw 13 hacks and the second was the Ethereum ecosystem with 11 hacks.
According to the data by Slowmist Hacked, currently, a total of $27.98 billion of funds have been lost to blockchain hackers. The latest such case reported in their page was about the Moola Market. The details of the hack event (provided on their page) in the crypto domain that we are mentioning here noted that:
“On October 19, Moola Market, a DeFi lending protocol based on the Celo network, was hacked and lost $8.4 million. The attackers have since returned 93.1% of the stolen funds to the Moola governance multisig wallet.”
In this case, the estimated amount of loss is $8.4 million and the method of hacking involves the manipulation of prices. A host of such events have happened in the past and this is why the regulation of this domain is extremely important. This recent crypto crime news shows that these hackers can even invade the privacy and security protection that blockchain provides. Moreover, even Binance, one of the leading cryptocurrency exchanges, has suffered from a crypto bridge hack reported earlier this month.
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