The rise of cryptocurrencies as one of the most valued breakthroughs in recent years has been hampered by the weight of unpredictability. Cryptocurrencies’ underlying blockchain technology provides a strong framework for providing numerous value advantages over other digital currencies. A vast ecosystem of decentralized applications and smart contracts has also been created by blockchain. Some of the biggest cryptocurrency hacks have affected the development of blockchain and Crypto, shaking the foundations of trust in cryptocurrencies and blockchain applications. Can users trust cryptocurrency and blockchain systems with their valued assets? Individuals who are interested in cryptocurrencies make decisions based on their fears about volatility, and crypto hacks may further deter them. The post that follows provides a summary of some of the largest hacks to date in the cryptosphere. Blockchain technology is one of the key issues that pop up when looking for the greatest cryptocurrency hacks. Blockchain should provide cryptographic security, right? Blockchain has been designed to provide decentralization, scalability, and security, but it sometimes finds it difficult to strike a balance between the three value criteria.
While these are the largest cryptocurrency hacks that have happened up to now 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.