Crypto: Hacktober ends with over $3B in stolen assets in 2022

Sahana Kiran
Source – Unsplash

October ended up being a spooky month for a number of reasons. Concern over well-known protocols being compromised appeared throughout the month in the crypto sphere. October was identified as the month with the highest number of cryptocurrency scams and hacks as early as the second week of the month. The community was reflecting on the hacks that elevated October to the top of the list as we approached “Moonvember.”

Earlier this week, PeckShield, a blockchain security firm gave the community a peek into the monthly statistics of the total crypto stolen. As per the firm, a whopping $2.98 billion was wiped out of the market through hacks as of October 31, 2022.

It should be noted that there were a total of 44 exploits that had an impact on 53 protocols this month. While $100 million was returned, exploiters pocketed $760 million was still missing. Following this, 2022’s stolen funds list grew to nearly $3 billion. This was double the amount lost back in 2021 which is $1.55 billion.

As seen in the above image, most crypto funds were acquired from the BNB Chain hack that wiped out $586 million. Solana’s Mango Markets took over the second spot after it was exploited for $100 million.

Will Hacktober’s hot streak persist through ‘Moonvember’?

As reported earlier by Watcher.Guru, the month of October beat March 2022 in its second week itself. It should be noted that the crypto community witnessed the occurrence of four hacks in a day, Mango Markets, Temple DAO, ParaSwap, and Rabby Wallet were compromised.

This brought about chaos in the crypto market. While October was supposed to be ‘Uptober’ it turned out to be ‘Hacktober’ instead. The crypto-verse continues to hope that this notion doesn’t prolong through November.

While $890 million worth of crypto funds were recovered this year, retrieving the rest remains a far-fetched thought.