Crypto Hacks are at an all-time high, about to break the record for 2021
Lost money in crypto thefts is being recovered by giving out bounties to the hackers
Be the year with the highest number of hacking incidents.
The way hacking incidents are making it into the news every day, it seems that more hacking incidents are to be reported than that in 2021.
Several research firms such as DPS Cyber Security, CycurID solutions, and Blockchain intelligence firm Chainalysis have done deliberate research on these crypto hacks.
According to blockchain intelligence firm Chainalysis, in October alone, $718 million was stolen from Decentralized Finance (DeFi) protocols in 11 different attacks.
Chainalysis officials said, “Cross-chain bridges continue to be a major target for hackers. There have been three bridge breaches this month that resulted in the theft of approximately $600 million. These hacks accounted for 82% of the losses in the month. And there is a loss of 64% in the whole year."
Observing the spike in hacking incidents, it seems that even though the crypto market has entered a bear market in 2022, the digital currency remains an easy means for hackers to make money. Tragically investors have lost over $3 billion in 125 hacks so far this year.
A New Way to Earn Bug Bounty
A new trend is emerging amidst crypto hacks in which blockchain giants are agreeing to give some percentage of the stolen money from hackers as bounties to get their money back.
This happened on several occasions in 2022, when a large firm has done such an experiment and it is leading the ecosystem towards normalizing hacking attempts on DeFi protocols. The most recent Transit Swap hacker returned 70% of the stolen funds and was given $690,000 as a reward.
In August, crypto bridge Nomad made a settlement for theft worth $190 million with a 10% reward for returning the funds and taking no legal action.
From these developments, it is clear that this bug bounty is becoming a simpler and safer way for hackers to earn money. Companies are not only giving lucrative bounties to get their money back but are also promising not to take any legal action.
An ultimate solution to this could also be achieved by staying updated with crypto thefts. Coingabbar is committed to protecting the interest of its users and to provide them with the latest and the best of information. With our widely spread news segment, in Hindi and English languages, we make sure every reader is aware of all the good and bad of crypto sphere.
Crypto Theft, a new way to make money?
Amid the ongoing crypto thefts, it is worth noting that this type of compromise by companies is attracting more hackers towards systematic thefts.
But the thing to think about is, whether crypto thefts have become an easy way for hackers to earn money?
Comment below your views on same. To read about the recent cryptocurrency updates and understand how cryptocurrency works, log on to CoinGabbar and join India’s biggest crypto community.
