Hackers exploited a software bug in Web3 music platform Audius to earn $1.1 million on Saturday, but the funds represent a drop of nearly $2 billion in funds lost to hacks in the first half 2022, according to Blockchain Security. Beosin company. The fiat value of hacked assets is on track to top the $3.2 billion lost in 2021, according to crypto security firm Chainalysis, even amid a drastic drop in cryptocurrency valuations. Blockworks compiled some of the biggest crypto hacks of the year to see what went wrong and how the protocols fared after being hacked. At the end of January, a hacker managed to disable two-factor authentication on the crypto exchange Crypto.com and extract bitcoins and ethers from customer accounts. CEO Kris Marszalek initially denied that customer funds had been lost before acknowledging the hack a few days later. The company said it was moving to “multi-factor authentication” in response to the exploit.
Read more : The nine biggest crypto hacks in 2022.
While these are the biggest cryptocurrency hacks to occur so far in 2022, OODA has compiled a comprehensive Web3 incident database based on our research to categorize ongoing compromises and document the root causes plaguing Cryptos, DeFi, NFT. , and Web3 in general. Root cause tracking provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for follow-on attacks. You can access the full OODA Crypto Incident Tracker here.