Hello, the beautiful people of the Crypto world! Though all of the people in the crypto space are not good and many bad guys are entering the space to grab the great opportunity here and utilize the blockchain in a bad way. And this is not the fault of the Blockchain itself but it is the fault of that guy who is using in for destructive activities around the world. And also there are some great guys who are really experts in blockchains and related software and coding expert who are not working for the development of the blockchain but stealing money from the loop-hole they find in these projects. Today I am going to share the top Hacks of 2022. It is an immense amount of money that hackers have stolen in 2022. The amount is more than 2.4 billion which is a great amount. Most importantly they are making the crypto space unsafe for the general people and thus the mass adoption of the Blockchain projects is under question!
Ronin Network lost $624 million
In March of this year, more than $624 million in ETH and USDC were stolen from the Ronin Network, the Ethereum-based side chain for the NFT-based game Axie Infinity which was to top game with a huge community and a great market cap. In two transactions from the Ronin bridge contract, the attacker used compromised private keys to fabricphonyoney withdrawals. After this hack, the game has just died, and lost confidence in the community! This occurrence is the largest hack on Ronin Network.
$586 million Bridge Hack in Binance
Binance is the number one exchange in the world and their bridge has been recently hacked with a fund of 586 million in crypto. Though Binance has frozen the amount but almost $100 million in digital assets has been already stolen which can't be recovered. Their prompt initiative saved them for a huge loss. But many people are raising questions on the true decentralization of the Binance chain as they have the authority to freeze the chain so fast! After learning of a bug impacting the BSC Token Hub cross-chain bridge, the Binance blockchain, also known as BNB Chain and Binance Smart Chain, took the unusual step of stopping transactions and fund transfers.
Wormhole hack of $320 million
On February 2 of this year A hacker has stolen around $320 million in wrapped ETH from the Wormhole protocol. This protocol is connected with Solana, Ethereum, Avalanche, and other major cross-chain crypto networks. Minting of wrapped Ethereum is required for staking ethereum with the value for wrapping in this protocol. But the hackers was able to create a wrapping process without staking ETH which is in number is 120000 ETH! And the hacker successfully stole 93750 wETH and others in Solana chain which worth of $326 million.
Nomad Bridge lost $190 million
On August 2 of this year, a group of hackers broke the Nomad security with a program that enables users to exchange tokens from one blockchain to another blockchain and they stole around $190 million in Bitcoin. The hackers made the program in such a way that it was possible to withdraw more money than they had really deposited. And so Nomad didn't know about the incident as they were thinking everything is going fine.
$182 million loss of Beanstalk Farms
In april of this year, A Defi network called Beanstalk Farms, which was intended to balance the supply and demand of various cryptocurrencies among various chains was attacked and the hackers stole around $182 million worth of cryptocurrencies. According to crypto analyst PeckShield, the attacker took advantage of the majority vote governance structure in Beanstalk and voted for transferring $182 million.
$160 million loss of Wintermute
Another biggest loss of $160 million is done by the hackers who have recently targeted the Defi protocol known as Wintermute and they stole the fund from the platform's decentralized financial area.
Harmony Bridge attacks of $100 million
Some hackers from the North-korea have stolen around $100 from the Harmony Bridge recently.
Qubit Finance's loss of $80 million
On January 28 of this year, the Defi protocol reported it had been attacked and that 206,809 Binance Coins (BNB) had been taken from its Qubit Bridge protocol as a result. The tokens had a total market value of $80 million.
Fei Protocol's loss of $80 million
On April 30 of this year , a “reentrancy” bug was successfully implemented on the lending protocol’s code of the Fei protocol that allowed a hacker to take out a loan that losses in $80 million.
Cashio's loss of $52 million
On March 22, a string of fake accounts was created to use an “infinite mint glitch” for getting a collateral loan which was not paid to the protocol that losses in the amount of $52 million.
IRA Financial Trust loss of $37 million
Om February 8 of this year, The crypto-focused retirement and pension platform, IRA Financial Trust was pilfered when hackers accessed a “master key” that bypassed all security measures to customer accounts. And a loss of $37 million is done by the hackers.
Crypto.com loss of $35 million
On January 17 of this year, a hacker managed to disable two-factor authentication on the crypto exchange Crypto.com and extract bitcoin and ether from many customer accounts. And the hacker was able to withdraw $35 millions of cryptos from the customers.
So, there are many underlying reasons behind this occurrence. With the negligence fro these protocols security and the Customers negligence can resulted into such losses. The mas awareness should be raised to overcome from such problems in future. These hacks always make the negaive impact on the blockchains and especially on the crypto space. And the mass adoption is hampered by these news when these got huge coverage into the crypto sphere.
Thank you very much for your time and attention for reading my post. I hope you have got some information from my post. I wish to catch you at the next one.
Have a nice day!