"Cryptocurrency Hacks Shot up in 2022, Amounting to Almost $4 billion in Losses"

According to security researchers at Immunefi, losses of cryptocurrency assets due to hacks rose to $3.7 billion last year, a 58 percent increase over the $2.3 billion that cybercriminals stole from investors and exchanges in 2021.  The researchers found that hacks accounted for more than 95 percent of all cryptocurrency theft.  Frauds and scams made up the rest of the losses.  The researchers tracked 134 specific hacking incidents in 2022, an increase from 104 hacks in 2021.  The researchers noted that the findings aren’t surprising to those that have followed a banner year in cryptocurrency hacks.  Analysts predicted early on that this would be a record year for cryptocurrency hackers.  By October, hackers had already grossed $3 billion from 125 hacks, according to researchers at Chainalysis.  One of the biggest hacks was a $625 million theft of cryptocurrency assets from Ronin Bridge, a tool that allows users to move currency between blockchains.  The researchers at Immunefi also found that decentralized finance projects continued to be the main hacking victim in 2022.  Adrian Hetman, tech lead at Immunefi, stated that the hacks are a wake-up call for cryptocurrency developers, especially of bridge projects that carry enormous amounts of capital.  The researchers noted that there are signs that cryptocurrency companies are starting to take cybersecurity more seriously.  Firms specializing in auditing code for cryptocurrency projects reported booming business in 2022.  Immunefi found that cryptocurrency bounty payments through its platform were up from around $13 million in 2021 to just over $52 million in 2022.

CyberScoop reports: "Cryptocurrency Hacks Shot up in 2022, Amounting to Almost $4 billion in Losses"