Top 4 Biggest Exploits in August and How They Got Access
According to one of the most recent reports by a data analysis platform Chainanalysis, vulnerabilities in cross-chain bridge protocols have posed the biggest security threat in the crypto industry; they now represent two-thirds of all hacks. According to a blockchain security firm SlowMist Hacked, users lost around $263 million worth of cryptocurrency to hacks in August. SlowMist Hacked stats show that the top 5 ways attacks were executed include contract vulnerabilities, rug pulls, Discord hack, frontend attack, and BGP hijacking. This August kicked off with one of the most devastating attacks the industry has seen – the Nomad exploit. The Nomad bridge exploit is a devastating attack that led to $200 million worth of cryptocurrency being stolen from users’ accounts on Aug. 1. What drew even more attention to the hack is the number of attackers involved in the incident – 300 unique addresses. Some of the hackers even tried to impersonate Nomad’s employees to access more funds.
While these are the largest Web3 hacks that have happened in August 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.