New Chainanlysis Report Finds Crypto Crime is Down by 65%

Estimated read time 3 min read
  • The rate of scamming has declined to 65% from the current year due to a decline in the price of assets.
  • on February 2nd the largest heist of 2022 was a Wormhole hack which brought a loss of 325 million. 

Due to inexperienced retail traders dropping off and the crash of crypto assets, this has led to fewer scenarios of traders falling victim to hacks. With the price decline of cryptocurrencies, the rate of crypto scamming has declined significantly.

According to statistics, the rate of scamming has declined to 65% in the current year. In August, the crypto revenue was at 1.6 billion and is expected to drop drastically. Individuals now understand how crypto exchange service works and are exiting the market.

Four Largest Hacks in 2022.

1. The wormhole exploit was the largest hack to occur since the year began on February 2nd “the wormhole hack” brought about the hack of $325 million. The hacker exploited smart contracts on the Solana-to-Ethereum bridge to mint and cash out on wrapped ether without depositing the funds. Wormhole renamed its bridge Portal and currently holds over $480 million, according to crypto data firm Defi Llama.

2. The beanstalk company was hacked off $182 million on the 17th of April. The hacker accessed the soft loans that customers used to acquire loans. The hacker passed a proposal to Ukraine to donate funds and then escaped with the collateral.

3. The third largest is the Qubit QBridge Hack, January 27, $80 million. The hacker manipulated a smart contract bug on the Binance-based Qubit Finance’s QBridge to mint and wrapped ether tokens and did not deposit the funds.

4 . After the Qubit QBridge Hack came to The IRA trust fund that is the fourth largest platform hacked. 37 million were robbed from their customer’s funds. it is a retirement and pension platform, the hackers accessed a master key. It sued Gemini, the crypto exchange service where the customer services were stored.

5. The fifth largest hack was on on January 17, the company was robbed of $35 million. In January, the hacker extracted Bitcoin and Ether from their customer accounts. The CEO Kris Marszalek earlier denied customer funds were lost but later acknowledged the hack days later. The company said it is transitioning to “multi-factor authentication” in response to the exploitation that occurred.

States Suspected of Hacks

North Korea is known for its massive cryptocurrency heists. They plagiarise online resumes pretending to be from other countries and access remote work belonging to the targeted companies.

The Lazarus group is a cybercrime gang that is inclusive of an unknown number of individuals and is run by the North Korean state The group is behind the recent heist of 100 million on the California blockchain. The North Korean hackers launched 7 attacks last year on firms managing to steal up to 400 million.

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