North Korean Hackers Steal $1.7B in Crypto, DeFi Hacks Soar

• North Korean hackers have stolen $1.7 billion worth of cryptocurrency in 2022, according to Chainalysis.
• The majority of stolen digital assets were from DeFi protocols, accounting for more than 82% of all funds stolen.
• March and October saw huge spikes, with $732.4 million and $775.7 million respectively, becoming the biggest single month ever for crypto hacking with 32 separate attacks.

In 2022, the cryptocurrency industry saw the worst year for crypto security in history. According to a recent Chainalysis report shared with CryptoPotato, the total amount of digital assets stolen from cryptocurrency businesses was a staggering $3.8 billion. Of this, an alarming 82% was stolen from decentralized finance (DeFi) protocols.

The month of March saw one of the largest single-month losses, with $732.4 million being stolen in hacks and exploits. This was soon followed by October, a month that went on to become the biggest single month ever for crypto hacking, with a shocking $775.7 million stolen and 32 separate attacks. North Korean hackers were responsible for the majority of the stolen funds, taking an estimated $1.7 billion worth of cryptocurrency during the same period.

The Chainalysis report also highlighted the types of attacks that are becoming increasingly common, with the majority of the stolen funds being taken through sophisticated hacks exploiting vulnerabilities in DeFi protocols. Phishing scams and SIM swapping were also mentioned as popular methods used by hackers to gain access to user accounts and wallets.

The report concluded with a warning, stating that the cryptocurrency industry must continue to improve its security measures in order to protect users from future attacks. It also suggested that projects focus on identifying and implementing effective solutions to reduce the risk of future attacks. As the crypto industry continues to grow, the need for robust security protocols and solutions becomes even more important.