Guest Post: Blockchain Hackers Netted Nearly $1.3 Billion In Q1 2022 Says Atlas VPN

Attacks on various crypto projects and ecosystems brought millions of dollars to hackers and scammers.

According to the recent findings by the Atlas VPN team, blockchain hackers netted nearly $1.3 billion in 78 hack events throughout Q1 2022. In addition, hacks on Ethereum and Solana’s ecosystems attributed to over $1 billion in losses alone during this quarter.

The Ethereum ecosystem lost nearly $636 million to attackers in 18 hack events throughout Q1 2022. The biggest hack of the quarter happened just at the end of March when the Axie Infinity sidechain Ronin Network experienced a security breach. Attackers stole 173,600 Ethereum and 25.5 million USDC worth $610 million.

The Solana ecosystem suffered 5 hack events and lost $397 million in 2022 Q1. Wormhole, a communication bridge between Solana and other DeFi networks, experienced the second most significant hack of the quarter and lost about $334 million.

Cybercriminals hacked projects in the Binance Smart Chain ecosystem 14 times, accumulating nearly $100 million in losses.

Other types of hacks on blockchain caused almost $57 million in losses throughout 10 events. IRA Financial Trust, which provides self-directed retirement accounts, lost $36 million to a crypto hack.

NFTs were the top target among cybercriminals with 20 hacks and nearly $49 million in losses. Many scammers are launching NFT projects, which turn out to be rug pull scams.

Exchanges were hacked out of $42 million in just 3 events.

Cybersecurity writer at Atlas VPN Vilius Kardelis shares his thoughts on blockchain-related hacks:

“Blockchain project security should be one of the primary concerns for a person looking to invest in cryptocurrency. Most blockchain-related hack events happen because cybercriminals exploit flaws in the project code. A successful hack could cause significant losses to the creators and investors of the crypto platform.”

Blockchain hacks reach an all-time high

The growing market of cryptocurrencies entices not only legit people interested in the technology but also cybercriminals who want to exploit it.

Cryptocurrency projects experienced only 5 blockchain-related hack events in Q1 2018. Next year, in the first quarter of 2019, hacks increased by 1140% to 62. While in Q1 2020, hacks decreased to 13, in Q1 2021, blockchain-related breaches and scams jumped up by 154% to 33.

Blockchain-related hack events have reached an all-time high of 78 in Q1 2022. It represents a 136% increase in hacks compared to the first quarter of 2021.

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