Cryptocurrency

October becomes worst month in DeFi history as hackers steal $718M across 11 protocols

DeFi protocols have lost about $718 million to 11 projects so far in October alone. Chainalysis data.

In 2022, about $3 billion has been lost in 125 hacks so far, which Chainalysis predicts will likely surpass the 2021 record of about $3.2 billion.

Chainalysis pointed out that cross-chain bridges are becoming a hotspot for hackers. Hackers attacked his three bridges and stole about $600 million. This accounts for 82% of his total October losses and his 64% of all 2022 losses.

Binance’s BNB chain hack has earned around $100 million and tops the list of bridge exploits.

4 hacks in one day

Four hacks at Mango Markets, Temple DAO, Rabby wallet and QAN platform reportedly lost about $122 million on October 11th.

In the Temple DAO hack, attackers stole over $2.3 million from StaxLPStaking contracts.

Solana’s Mango Market lost over $100 million after the value of its MNGO tokens was manipulated and hackers abused its MNGO-PERP pool.

QANplatform’s Ethereum and BSC bridge is exploited for $1.89 million Ruby’s crypto wallet On October 11th I still lost $200,000.

Mango Market and TempleDAO are looking to offer bounties for exploiters to return stolen funds.

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