DeFi protocols are by far the biggest victims of hacks accounting for more than 82% of all digital assets stolen by hackers.
2022 can easily be considered the worst year when it comes to securing cryptocurrencies, as projects suffered a series of devastating hacks and exploits. According to the latest Chainalysis report shared with, $3.8 billion was stolen from cryptocurrency businesses, with decentralized finance being the primary target.
Meanwhile, 64% of the losses originated from cross-chain bridge protocols specifically. In recent years, bridges have been significantly targeted for hackers since the smart contracts in operation become huge, centralized repositories of funds backing the assets that have been bridged to the new chain.
North Korea-linked hackers, including cybercriminal syndicate Lazarus Group, reportedly broke their own records by stealing an estimated $1.7 billion worth of cryptocurrency across several hacks last year, out of which $1.1 billion were siphoned from DeFi protocols.Chainalysis also pointed out that crypto hacking is a “sizeable chunk” of the country’s economy since its total exports in 2020 totaled $142 million worth of goods.
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