Over $3.5 Billion in Crypto Was Stolen Through Hacks in 2022

The rise of cryptocurrencies is closely linked to blockchain tech because of the fact that this is the sort of thing that could potentially end up creating an independent system to keep track of transactions and holdings. Even though blockchain tech is frequently touted as being the next big thing, it is pretty susceptible to hacks with all things having been considered and taken into account.

Around $3.5 billion worth of cryptocurrencies were stolen in 2022 alone, and that has lead many to doubt this tech and its viability in the long term. This data comes from Slowmist Hacked via Atlas VPN team, and it can make blockchain tech and cryptocurrencies in general seem less secure than might have been the case otherwise.

With all of that having been said and now out of the way, it is important to note that the two main targets for hackers turned out to be the Binance Smart Chain as well as blockchain bridges. They suffered from around 92 hacks which lost them a collective $2 billion.

The Ethereum ecosystem wasn’t immune to these attacks either. They suffered from over half a billion dollars in lost crypto as well. Blockchain is meant to use its decentralization to make assets more secure, but in spite of the fact that this is the case they seem to be just as susceptible to hacks as fiat currencies with all things having been considered and taken into account.

The total amount lost through hacks decreased quarter after quarter in 2022, only to surge back up in the fourth quarter to cross a billion dollars yet again. This represented the worst quarter for crypto since the first quarter of 2022, and it reveals that experts and professionals are struggling to find ways to keep these attacks at bay.

As blockchain grows in popularity, we will see a similar increase in hacks that will target it. These hacks will stress test the system and ideally make it more secure, but it remains to be seen if the people behind these blockchains are up to the task of keeping people’s money safe.

Read next: Ransomware Attacks Have Decreased in 2022 As Compared to 2022 But the Companies Should Still Be Cautious
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