According to a report by Chainalysis, October has been the biggest month for hacking activity this year because of the spooky entities of global hackers.
According to the research firm, after four big hacks took place on Tuesday, October has seen $718 million stolen from the projects. The QANX bridge was one of the hacks that allowed hackers to cash out with over a million dollars.
There are a number of October hacks, including the $586 million hack of Binance Bridge, the $2.3 million hack of Temple DAO, and the $117 million Mango Markets hack. According to a post-mortem by CertiK, the recent hack used two different addresses to manipulate the price of Mango's native currency. The hacker went to Mango's forums and asked if they would give him someUSD stable coin worth $70 million, in exchange for his return of thecryptocurrencies.
Cross-chain bridges are still a major target of hacks despite the hype surrounding the secure nature of the chain of data. According to Chainalysis, three bridges were hacked this month totaling $600 million worth of digital currency.
During the summer months, the number of hacks seemed to stall out, with Chainalysis noting back in August that the hacks seemed to stall out due to the struggles with the market. The wealth lost from the 2021 boom has yet to be recovered by the most popular coins. There are some big dips going into this week with the expectation of a U.S. jobs report this Friday.
According to a report from Chainalysis, the year 2022, is on track to be the biggest year for hacks because of the amount of money stolen. So far this year, hackers have made more than $3 billion. By the end of the year, hackers are on track to break the record for the most stolen in hacks in a single year.
Most of the hacks this year came from this area. In previous years, most of the hacks were done through getting access to user accounts with account keys gained through phish or breaking into exchange's internal networks. Defi is an umbrella term for projects meant to remove middleman and work as a currency exchange and payment method without the oversight of banks or regulators. The FBI has noted how dangerous it is for regular people to invest in these De Fi projects.
There seems to be a new hack every day that shows how you never really know which project will be next to have.
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