69% of Stolen Tokens in 2022 was From Cross-Chain Bridge
According to a study released on August 2 by blockchain analytics firm Chainalysis, there have been 13 separate token bridge violations (Crypto Hacks) this year, the most recent being the $190 million Nomad Bridge hack. According to their calculations, 13 different hacks have resulted in the Cross-chain bridge attacks accounting for 69% of the cash taken this year. It amounts to $2 billion in cryptocurrencies. Much more concerning, bridges are currently a top target for North Korean-linked cybercriminals. They have stolen nearly $1 billion in cryptocurrencies so far this year. That’s exclusive via bridges and other DeFi protocols, according to our estimations. In comparison, South Korea’s government-run statistical agency projects that the country will earn $89 million in formal exports in 2020. The astonishing thing is that these services may take precautionary measures to safeguard themselves. For example, in the case of a breach, they may use blockchain technology’s transparency to examine the movement of funds and, hopefully, deter hackers from taking out their ill-gotten profits.
The Chainalysis report speaks of Web3 hacks that have happened in the first half of 2022. We at OODA have 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.