Crypto hacks have been a security concern for everyone around the globe. The growing increase in the rate of hacks has ranked October the highest in crypto hacks, naming it Hacktober.
October has reported record-breaking rates of crypto hacks, and the amount of digital loot has been alarming. Per data from Peckshield, a blockchain security firm, $760 million has been estimated to be stolen in digital assets in October alone. The hacks in October have come from malicious actors committing 44 exploits affecting 53 protocols. However, $100 million has been said to be returned in October, whereas an estimated $890 million is estimated to be returned in 2022.
The rate of hacks in the month has taken the total count for 2022 to $2.98 million as of October 31, nearly double the figures from 2021, where the count was reported to be $1.55 million. Among the exploits reported, the attack on a BNB-chain-based bridge has been the highest, with losses reported worth $586 million, followed by Mango Markets DeFi protocol irrespective of their agreement with the exploiter to return a share of their funds.
Data from a different source mentions various other exploits that occurred in October, including the Freeway crypto yield platform, which was reported as a $60 million rug pull, followed by Transit Swap, which reported losses worth $29 million. Other exploits include Team Finance and Molla Market, with losses worth $13 million and $9 million, respectively. Including the rug pulls and Ponzis, the losses in the month could be estimated at $1 billion, as out of 35 incidents in the report, 15 were rug pulls.
In 2022, March recorded the second-highest rate of funds hacked, with an estimated under $710 million stolen. For March exploitation, most of the exploit came from the Ronin Bridge exploitation, which lost around $625 million alone, as reported by Todayq.