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Chainalysis, a major blockchain analysis firm has recently shared a report pertaining to the cryptocurrency hacks carried out in the year 2022.
The firm reportedly published a report named “2023 Crypto Crime Report”. The particular report was published by Chainalysis on Wednesday.
Biggest Year for Crypto Hacks
The year 2022 was the biggest year for the cryptocurrency industry in terms of cryptocurrency hacks. According to the firm, the hackers have stolen more than $3.8 billion in the year 2022.
The report further reveals that the funds have been stolen by hackers from the businesses.
Initiation of Hacking Activities and their Peak
The Chainalysis report has revealed that it was the month of March when the hacking activities began. From there, the hacking activities only grew fierce and by October 2022, they had reached the peak level.
It was the month of October when the cryptocurrency businesses suffered from 37 different hack attacks. As a result of these attacks, more than $775 million worth of cryptocurrencies were stolen.
The platform has added in the report that 82.1% of the total cryptocurrency funds stolen were a result of the decentralized hacks. Given the total value of stolen cryptocurrencies, 82.1% of the total funds translate to $3.1 billion.
In the year 2021, the total cryptocurrency funds stolen due to the decentralized finance hacks were 73.3% of the total hacks.
Out of the total funds hacked by hackers in the decentralized finance segment, 64% of the funds were lost to protocols that are cross-chain bridges.
Most Prominent Hackers
The report goes to confirm that out of all the hackers, it is the hackers from North Korea that have carried out most of the hacks.
Their hacking activities have been the highest throughout the year 2022 and it seems that they may continue rising throughout the year.
The North Korean hackers have broken their own records from the year 2021. The data suggests that the total cryptocurrency funds that these hackers have stolen are worth $1.7 billion.
The majority of the businesses have claimed that their protocols were hacked by North Korean hackers. Therefore, they have become the most prominent hacking entities in the year 2022.
Breakdown of the Hacks by North Korean Hackers
The report has provided detailed information about the hacks carried out by the North Korean hackers.
It reveals that out of the total funds hacked by the North Korean hackers, $1.1 billion were stolen by the hackers from the decentralized finance projects.
Out of the total crypto hacks, it is the DeFi hacks that have intensified in the year 2022. The North Korean hackers are the main reason the DeFi hacks have risen in the previous year.
Most of the funds that the North Korean hackers stole were sent to the cryptocurrency mixers. It has become a common practice among hackers and exploiters to send funds to the mixers.
This way, they are able to hide the traces of cryptocurrencies, making it impossible for investigators to track down the criminals.
It has become the most used tool among criminals who adopt cryptocurrencies for the purpose of money laundering.
Most Used Crypto Mixer
The report also adds that the most used mixer by the North Korean hackers is Tornado Cash. Although the particular mixer has been banned by the government of the United States, still, hackers are used to adopting it.
Even if it is not the North Korean hackers, Tornado Cash has become the most used tool by hackers and cybercriminals throughout the years 2021 and 2022.
The report shared by Chainalysis is going to encourage regulatory authorities from around the world to introduce stricter regulations.
It is going to make things a lot stricter and more difficult for the cryptocurrency industry in the ongoing year. The results of the strictness will start coming out by the end of the year.
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