The difference is 700% between the values stolen in 2021 and 2022.
Hackers stole around $1.4 billion in cross-chain bridge breaches this year, according to data presented by Blockchain analytics firm Chainalysis.
The survey revealed that, across the broader spectrum, around $1.23 billion was drained from the Web 3.0 ecosystem in the first quarter of 2022 alone. This amount represents funds lost as a result of hacking attacks and fraudulent activity.
An increase of around 700% from the 2021 quarterly losses totaled $154.6 million.
Not even the poor performance of the crypto market in early 2022 has deterred criminals. So far this year, 175 hacks on cryptocurrency projects have already been registered, totaling 1,970 million dollars diverted by hackers.
Hackers Relentless during Crypto Winter
As if this year’s harsh winter wasn’t bad enough, cryptocurrency investors need to double down on security so that their investments aren’t breached.
In addition to the usual phishing scams, hackers and scammers have found loopholes in cross-chain bridges that they can exploit to drain resources.
The Chainalysis report reveals that hackers stole $1.4 billion in cross-chain bridge hacks in 2022, accounting for nearly 70% of all crypto-related hacks. An astonishing frequency for such a recent concept.
The co-founder and chief scientist of Blockchain analytics firm Elliptic, Tom Robinson, told CNBC that, “Blockchain bridges have become the easiest fruit for hackers as they hold billions of dollars in cryptocurrencies locked inside.”
Safety is the Priority
The growth of bridge hacks has caused a lot of headaches for the industry due to the speed with which it has increased. There were 52 hacks recorded in the first quarter of 2022 and 96 hacks in the second quarter of the same year, an increase of 85%. In the first half of 2021, only 38 hacking-related incidents were recorded.
As previously reported by Be[In]Crypto, Polygon’s chief information security officer warned protocols that the bridge hacks have the hallmark of a “traditional hack” and not a “Blockchain hack.”
Developers will need to make interoperable access bridges more secure so assets and data can flow freely between Blockchains.
This is explained because as Web 3.0 and DeFi continue to grow and mature, the trend is that usage will increase the value locked on these platforms and keep them in the focus of hackers who are getting smarter and bolder.
By Audy Castaneda
