Report: $1.3 Billion in Crypto Stolen in Q1 2022, 97% from Defi . Miners

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2022-04-29 13:40:22

According to a research report, $1.3 billion in digital currency was stolen in the first quarter of 2022. The study, published by researchers, further highlights that 97% of the funds stolen originated from decentralized finance (defi) protocol mining.

The year 2022 broke the record for the number of cryptocurrencies stolen from hacks and mining. Last year, $3.2 billion in digital currency was stolen, and so far, 2022 has recorded more than 40% of the total of 2021 in the first quarter alone. The stolen crypto data recorded originates from a report published by and the study’s author, Elizabeth Kerr. The report’s author said “the numbers represent a spike”.

For example, of the $1.3 billion in cryptocurrencies stolen this year, 97 percent of the funds were taken from defi protocols. In Q1 2021, only 72% of the stolen funds originated from defi, and in 2020 the figure is as low as 30%. Furthermore, most thefts in 2022 came from exploiting faulty code, where smart contract bugs were used to extract stolen funds from defi protocols. The author says that since the defi environment is open source, anyone can search for holes and bugs in the defi project’s codebase.

Centralized exchange attacks are significantly reduced

The study further details that in previous years, centralized exchanges were a popular honeypot, but attacks on centralized trading platforms have decreased. Kerr wrote: “[Các cuộc tấn công sàn giao dịch tập trung] currently accounts for less than 15% of cryptocurrencies [bị đánh cắp]. The report also notes that common defi protocol attacks come in the form of quick loan attacks and security vulnerability exploits. The author of the report further mentioned the Ronin attack, which caused more than $600 million in damage.

“Hackers and cybercriminals made more than $3.2 billion last year, and we’ll likely have a higher amount stolen this year, if nothing changes in the first quarter. The need for tighter security measures is increasing, especially as more and more people are involved,” explained Jonathan Merry, CEO of Cryptomonday in a statement.

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