BlocksInform
Participants in the cryptography market had little reason to rejoice in the final month of 2022, with a small number of attacks and robberies.
In December, chips worth $62 million were stolen, scammed or attacked, making them the least damaging month in 2022 in terms of lost money due to malicious activity. On the other hand, certik registered more than $595 million in crypto attacks in November.
Over $3.7 billion was lost in the year as a whole due to a variety of attacks, hacks and scams, making 2022 the worst year in market history to date. The attackers won more than 3.2 billion dollars in 2021. But 2022 had an even more rocky start with an exploit of 325 million dollars of popular inter-channel service vortex, that was followed by an attack of $625 million on the Ronin bridge at Axie Infinity, and a $200 million mobile bridge operation.
Helio Protocol’s $15 million attack and Defrost Finance’s $12 million alleged rug pull were the top attacks in December. By random draw, we mean a promoter or creator who promotes a project, such as a new token or a new launch, and then disappears with the money of the investors.
The flash loan attacks saw more than 7.6 million dollars impacted, with only one attack on the lodestar cryptography project representing 6.5 million dollars of this figure. Four other projects experienced similar attacks in the $50,000 to $300,000 range.
Instant loans are a popular way for attackers to earn money to lead feats on decentralized financial systems (defy).
Loans enable merchants to borrow unsecured funds from lenders through smart contracts rather than third parties. They do not need security because the contract considers that the transaction is terminated only when the borrower repays the lender. This means that if a borrower defaults on an instant loan, the transaction would be cancelled and the money returned to the lender.
Attack vectors in the crypto sector include bridge operations, a blockchain-based tool that enables users to transact across multiple networks, It's the manipulation of the marketplace, where rogue traders use millions of dollars to move weakly traded markets to their advantage for many multiples of the initial capital deployed.
