The Biggest Hacks Of Cryptocurrency Projects In The 1st Quarter Of 2022

With the advent of new blockchain ecosystems, cybercriminals have more targets that they can attack. In 2021, the growing fields of DeFi and NFT have attracted even more scammers to the cryptocurrency market. In the first quarter of 2022, hackers carried out 78 successful attacks on digital networks and embezzled about $1.3 billion.

In the 1st quarter of 2021, experts recorded 33 hacks of digital platforms (136% less). Previously, the peak of hacker activity was at the beginning of 2019. Then the attackers hacked the blockchains 62 times.

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The biggest interest among cybercriminals is the Ethereum network. For 3 months of 2022, 18 successful attacks were made on the ecosystem (in the 1st quarter of 2020 – 16). The total damage amounted to $636 million. Most of the funds were withdrawn from the Ronin blockchain. Attackers stole 173.6 thousand ETH and 25.5 million UCDC from the game Axie Infinity.

The current number of thefts is a record for the blockchain industry.

The second largest theft was committed on the Solana network. Hackers took advantage of a bridge vulnerability between the main blockchain and DeFi to withdraw 120,000 ETH (about $334 million) from the system. The damage from 4 other incidents amounted to $63 million. In total, the network lost $397 million in the 1st quarter.

In 3rd place in terms of damage is Binance Smart Chain. In 3 months of 2022, the system was hacked 14 times. The attackers stole almost $100 million, of which $80 million was stolen from the Qubit network.

Among the ecosystems affected by the actions of cybercriminals were also:

  • Polygon.
  • fantom.

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