Chainalysis: October sets a new record for hacker losses

October was a record month for the amount of cryptocurrency stolen by hackers in 2022. According to Chainalysis, losses for DeFi protocols from October 1 across 11 attacks totaled $718 million.

1/ After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go. So far this month, $718 million has been stolen from #DeFi protocols across 11 different hacks. pic.twitter.com/emz36f6gpK

— Chainalysis (@chainalysis) October 12, 2022

The year-to-date total has surpassed $3 billion (125 attacks), approaching the levels seen in 2021.

2/ At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record. So far, hackers have grossed over $3 billion dollars across 125 hacks. pic.twitter.com/vgT3pz2iOu

— Chainalysis (@chainalysis) October 12, 2022

Analysts noted that in 2019 attackers’ interest was concentrated on centralized platforms. Since then it has shifted toward DeFi protocols.

3/ Back in 2019, most hacks targeted centralized exchanges, and prioritizing security went a long way. Now a vast majority of targets are #DeFi protocols. pic.twitter.com/efSKCkhnm2

— Chainalysis (@chainalysis) October 12, 2022

Cross-chain bridges suffered substantial losses. In October, three such projects were hacked, with losses of $600 million. This accounted for 82% of October’s losses and 64% of losses for the year.

4/ Cross-chain bridges remain a major target for hackers, with 3 bridges breached this month and nearly $600 million stolen, accounting for 82% of losses this month and 64% of losses all year. pic.twitter.com/lQySX2ljKt

— Chainalysis (@chainalysis) October 12, 2022

On October 6, an unknown hacker breached the BSC Token Hub and stole digital assets worth $544 million, but managed to withdraw only $100 million.

According to Immunefi, for the third quarter of 2022 the ecosystem losses from hacks and fraud Web3 amounted to $428.7 million.

Of the total, $399 million came from hacker attacks. The bulk of losses came from two incidents — with the cross-chain protocol Nomad ($190 million) and market maker Wintermute ($160 million).

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