Hacktober: Ends With Total Loss Of 3 Billion USD

Hacktober: Ends With Total Loss Of 3 Billion USD

October 2022, also known as 'Hacktober' by the crypto community recently, has just ended a dismal month with the total loss from exploits up to $760.2 million. , of which more than $100 million was returned to the protocols, so the total estimated loss in October 2022 is $657.2 million, according to data based on PeckShield reports.

According to Twitter account PeckShieldAlert, there are about 44 exploits affected 53 protocols that are severely compromised, including the recent attack on the cross-chain bridge of BSC, and also Mango Markets's hack on the Solana chain. Specifically, the cross-chain bridge hack of BSC and BNB Beacon Chain leaked 568 million USD, but due to timely prevention, the amount of damage was only nearly 100 million USD. Moreover, Mango Markets, with the amount of damage up to to $114 million, after the perpetrator of the Avaraham Eisenburg attack created a vote on the Manga Markets community and the vote was passed, Avaraham Eisenburg only returned $67 million to the project and left with 47 million USD.

Total fund loss and exploits in October 2022
Total fund loss and exploits in October 2022

From the beginning of 2022 until the end of October 2022, the total loss from hacks has reached nearly 3 billion USD, doubled 2021 with just only 1.55 billion USD. Most of the exploits in October 2022 came from various causes such as attacks on wallet addresses generated from Profanity, security holes in smart contracts, and the most common cause is exploiting vulnerabilities from cross-chain bridges.

Therefore, investors should also be cautious in the management and security of their own assets, with the above data, storing assets on hot wallets or decentralized protocols is considered dangerous and easy-to-exploit crypto assets because decentralized protocols as well as cross-chain bridges still have many security holes. The best way for investors is to still store their crypto assets on a decentralized exchange (CEX) or cold wallet.

The information, statements and conjecture contained in this article, including opinions expressed, are based on information sources that Holdstation believes those are reliable. The opinions expressed in this article are personal opinions expressed after careful consideration and based on the best information we have at the writing's time. This article is not and should not be explained as an offer or solicitation to buy/sell any tokens/NFTs.
Holdstation is not responsible for any direct or indirect losses arising from the use of this article content.
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