Hackers exploited a software bug in the Web3 music platform Audius to make off with $1.1 million on Saturday, but the funds are a drop in the nearly-$2 billion dollar bucket of funds lost to hacks through the first half of 2022, according to Blockchain security firm Beosin. The fiat value of hacked assets are on pace to top the $3.2 billion lost in 2021, according to crypto security firm Chainalysis, even amid a drastic slide in cryptocurrency valuations. Blockworks compiled some of the year’s largest crypto hacks to see what went wrong and how protocols fared after being hacked. In late January, a hacker managed to disable two-factor authentication on the crypto exchange Crypto.com and extract bitcoin and ether from customer accounts. CEO Kris Marszalek initially denied customer funds were lost before acknowledging the hack days later. The company said it is transitioning to “multi-factor authentication” in response to the exploit.
Read more : The Nine Largest Crypto Hacks in 2022.
While these are the largest cryptocurrency hacks that have happened as of today in 2022, OODA has been compiling a comprehensive Web3 incident database based on our research to categorize what compromises are taking place as well as document the root causes that plague Cryptos, DeFi, NFTs, and Web3 in general. Tracking root causes provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks. You can access the OODA comprehensive Crypto Incident tracker here.