Almost $2 Billion in Crypto Was Stolen By Hackers in H1 2022

Cryptocurrencies have been a hot topic for quite some time now because of the fact that this is the sort of thing that could potentially end up allowing people to get tremendously wealthy overnight. In spite of the fact that this is the case, the crypto world has been rocked by scandal after scandal. The dissolution of several major crypto trading platforms and the failure of these platforms to reimburse client holdings has cast a shadow over the industry.

Atlas VPN recently analyzed some data that revealed just how bad things are in the crypto space. With all of that having been said and now out of the way, it is important to note that around $2 billion, or $1.97 billion to be precise, in crypto was stolen by hackers in the first half of 2022 alone. The Ronin ecosystem which is an Ethereum side chain suffered the most, with users losing upwards of $600 million on that platform.

The Ethereum blockchain in general has been a popular target for hackers with all things having been considered and taken into account. Over a billion dollars worth of crypto was stolen from various Ethereum based platforms across 32 separate events. The Solana ecosystem was also hit with countless hacks, with over $383 million in crypto being stolen from that platform.

This makes Ethereum and Solana two of the biggest contributors to these hacks. Ethereum has just released its proof of stake model which seeks to replace proof of work, but it remains to be seen if the cryptocurrency would enjoy any kind of resurgence thanks to this innovation.

It seems more likely that users would slowly start to abandon crypto in favor of more trustworthy investment options. That is not guaranteed since most crypto exchanges are still seeing many billions of dollars in transactions being conducted, but there is a very prominent safety issue that would need to be resolved in order to boost investor confidence. If that doesn’t happen, we might see crypto fade away although those that already built their wealth will have won out in the end.

H/T: Slowmist

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