Although 2022 is only a third of the way through, the damage from crypto and DeFi attacks has already set a new record, with over $1.6 billion in crypto stolen from users, surpassing the total amount stolen in 2020 and 2021 combined, according to blockchain security firm CertiK.
The above report does not include scam and impersonation cases to take over users’ wallets, most recently is the intrusion into Discord and Instagram of the NFT Bored Ape Yacht Club.
Most of the DeFi losses so far in 2022 have been concentrated mainly in March, when the attack on Axie Infinity’s Ronin bridge took place, causing damage up to $622 million. This is also the most devastating attack in cryptocurrency history. Furthermore, also in March, there was the Cashio hack that wiped $52.8 million and a series of flash loan attacks on 3 other projects on the same day.
February also recorded another cross-chain bridge, Wormhole (Solana), being hacked, losing up to $325 million.
Meanwhile, April 2022 “holds the record for highest dollar amount losses in flash loan attacks ever recorded by us” with losses reaching $301.4 million. Notable victims include Beanstalk Farms ($182 million), Deus Finance ($13.4 million), Fei Protocol/Rari ($80 million), and Saddle Finance ($10 million).
On May 1, Rainbow Bridge announced it foiled an attack plot that aimed to $1.3 billion in TVL traded on Aurora. If the hacker succeeds, the damage from DeFi attacks in 2022 will increase even more.
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