JAKARTA Throughout this year, the crypto industry has experienced hacking targets from January to November 2022. With this illegal action, hackers managed to raise around US$4.3 billion (around Rp.67.3 trillion) in crypto.
At the same time, the crypto market has also experienced shocks due to a number of bankrupt projects and exchanges. As experienced by Terra LUNA and FTX. The hacking and conditions at that time had triggered a prolonged bear market.
Hackers' revenue increased by 37 percent compared to 2021, according to data from cybersecurity firm Privacy Affairs. Meanwhile, according to analysts Solidus Labs, criminals trigger 15 crypto-related scams every hour, reported by BlockWorks.
2022 Crypto Hacking
The following are 5 hacking actions that occurred throughout 2022:
1. Ronin Network Axie Infinity
Ronin, a crypto wallet service provider for blockchain game Axie Infinity, became a victim of hacking in March 2022. Hackers used private key to fake withdrawals on March 23. Initially, the developer was not aware of the hacking activity until a week later, when users could not withdraw 5,000 ETH from the wallet.
The crypto theft in the Ronin network caused losses of US$625 million or around Rp9.7 trillion based on the current value of the rupiah. Even so, developer Ronin Network, Sky Mavis has received assistance from leading crypto companies including Binance, to compensate for the losses suffered by its users. Binance is not the only company that helps Ronin, there are also Animoca Brands, Paradigm, Accel, Andreesen Horowitz, and Dialectic.
2.tanglehole Bridge
aihole Bridge merupakan penghubung jaringan terkemuka antara Solana dan blockchain lain. Peretas berhasil mengeksploitasi kekeontanan sistem penghianhole dan mencuri 320 juta dolar AS dalam bentuk Wrapped Ethereum (WETH).
After getting a WETH, the hacker then used the network and exchanged it into ETH. About 120,000 ETH disappeared at the time. However, the parent company Jump Crypto compensated for what happened to
3. Nomad Bridge
In August, DeFi bridge Nomad lost $190 million in hacking involving 960 transactions and 1,175 individual withdrawals. Users can exploit bugs in protocols that allow them to withdraw more than they deposit.
It is estimated that once news about bugs spreads, users rush to exploit it themselves, resulting in free-for-alls involving viewers rushing to deliver illicit transactions, quickly draining token bridges from all user funds stored in smart contracts.
However, the white hat hacker then returned at least $32 million to the recovery wallet address, Nomad said. The wallet was co-founded with the custodian bank,NCorage Digital.
4. Beanstalk Farms
Ethereum-based stablecoin protocol Beanstalk lost $182 million in April when a hacker used a flash loan to buy the majority position at STALK, the protocol's original governance token. Hackers then proposed massive fund transfers and agreed to use their own majority vote.
Nearly four months after the breach, algorithmic stablecoin protocol was re-launched. Beanstalk Farms said its service "does not stop" on its one-year anniversary of its original launch in August 2021.
5. Wintermute
In September, liquidity provider Wintermute, which provides liquidity across most of the CeFi and DeFi exchanges, said it lost $160 million in security breaches.
Wintermute is one of the largest crypto liquidity providers, performing market creation services for exchanges including Binance and Coinbase. There is speculation that the hack is an insider's job, but no cause or culprit has been confirmed.
Thus, 5 crypto hacks that occurred in 2022!
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