Security in the crypto ecosystem has some flaws and worries investors. While many crypto platforms are touting their merits, hackers are having a blast. And this year seems different from the others since the hacktober could well be the worst in all history.
Hacktober surprise, the worst month of hacking?
Hacks in the crypto ecosystem are increasing a little more every year. While the complaints accumulate, the hackers quietly continue their shenanigans. According to new data from Chainalysis, a series of hacks is on track to put October at the head of the most stolen cryptocurrency funds in a month.
Indeed, this year is gradually becoming the most important in terms of piracy. And now, October is on course to top all records, according to data from the blockchain analytics firm. Last year caused a stir with more than $3 billion stolen through 125 hacks. However, 2022 is eclipsing it.
chain analysis reports that 11 hacks have taken place this month, making him the worst hacktober ever. Recall that October is the first month of activity of hacks in a year. Cross-chain bridges remain the top targets and account for nearly 82% of losses this month.
That same month, there were three major cross-chain bridge hacks. The most recent being that of 100 million from the Binance BNB cross-chain bridge. Another high-profile hack is also the $100 million Solana-based Mango Markets hack. These two platforms are sort of the big stars in terms of hacks this month. However, they are not the only ones since October multiplies the exploits.
The 2022 hacktober seems to far surpass all of its predecessors. Indeed, Chainalysis reports that 11 hacks have taken place this month. The whole thing represents a theft of approximately $718 million. And according to the blockchain analytics firm’s report, this year is set to break all records in terms of funds stolen via hacks.
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