Total losses from crypto hacks have now shattered $30 billion, according to the blockchain security firm SlowMist.
The firm notes that the gigantic figure was amassed across 1,101 different hacks dating back to January 2012.
Says SlowMist,
“In light of these staggering numbers, it’s abundantly clear that projects and users alike need to place a much higher emphasis on security within the realm of blockchain technology.”
Just this week, two different crypto projects were exploited for significant sums.
Over the weekend, a hacker used forged proofs to launch withdrawal operations on cross-chain bridge contracts on the decentralized finance (DeFi) cross-chain protocol Poly Network.
Blockchain security infrastructure firm BlockSec notes the hacker made a profit on Ethereum (ETH) of approximately $5.3 million.
And on Thursday, a hacker exploited the bridging platform Multichain and withdrew around $126 million worth of tokens from the Multichain bridge on the Fantom (FTM) network.
The market intelligence firm Chainalysis notes that DeFi protocols have become the biggest targets for hacking in the crypto space, with $3.1 billion in hacks last year, accounting for more than 82% of the total amount stolen in 2022. Cross-chain bridges are the biggest specific targets within DeFi, representing 64% of that $3.1 billion total.
Cross-chain bridges are designed to functionally enable transfers of crypto assets between two different chains.
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