Whereas the crypto-sector has seen exponential development over the previous few years, blockchain-related cyber crimes have additionally hiked. Cyber safety points and exploitation by hackers have been a significant concern throughout the globe, and the rising frequency of it solely provides gas to the hearth.
A latest report compiled by Atlas VPN discovered that the third quarter of 2021 reportedly famous over $1.1 billion in stolen cryptocurrencies. What’s extra, the Ethereum ecosystem paid the utmost value for this at over $800 million.
Moreover incurring large monetary losses, the Ethereum community was additionally focused the utmost variety of instances, 20 to be exact.
Essentially the most important hack on the community throughout this time was the Poly Community heist, one which noticed the hacker run away with $610 million in stolen cryptos. Whereas many of the funds have been returned by the ‘white hat’ hacker, it did reveal a number of flaws within the community. It additionally underlined the enormity of the problem at hand.
The Binance Sensible Chain (BSC) community additionally fared poorly when it comes to cyber safety because it suffered from seven exploits valued at $23 million throughout Q3. Nonetheless, BSC can attribute an enormous chunk of this quantity to the pNetwork exploit (which is completely different from Poly Community). The cross-chain DeFi platform was hacked in September and the exploiters made away with roughly $12 million price of Bitcoin.
Alternate hacks, nevertheless, have considerably died down in recent times as a result of sturdy compliance and safety efforts. Nonetheless, seven hacks nonetheless managed to happen between July and September. Essentially the most important one hit the Japanese cryptocurrency trade – Liquid. It resulted within the lack of $90 million in stolen tokens.
The report additionally discovered that whereas the variety of hackers scouring the networks for vulnerabilities elevated, rug pulls and scams are what rose considerably.
Supply: Atlas VPN
Total, the primary three quarters collectively registered 146 hack occasions. This was notably greater than what had occurred in the entire previous three years. It signifies a 20% improve since final 12 months when 122 hack occasions and scams have been seen.
This quantity is predicted to develop as such exploits are persevering with to happen within the ongoing fourth quarter. Furthermore, the Ethereum ecosystem and cryptocurrency exchanges stay the first targets for hackers, the report concluded.