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Crypto Hacks Of The Year: This year turned out to be the toughest year in the cryptocurrency market till now. The year was filled with collapse and hacks. Let’s have a look at the biggest and worst hacks of 2022 in the crypto-verse.
The FTX Crash
This was the biggest of all the money lost in the year 2022. FTX filed for bankruptcy in the U.S. on 11 November. The leading exchange in the crypto market had now collapsed, already sweeping away millions of dollars from the market. Not only this, the collapse shook the entire crypto market and the dust from it lasted more than a month.
This became an opportunity for hackers, as tokens worth over 640 million USD were taken away from the exchange. These tokens were later transferred to other exchanges and converted into altcoins.
Ronin Chain Hack
A north Korean hacker group took control of this sidechain. The Ronin chain was used for Axie Infinity, play-to-earn NFT game, transactions. This happened in March 2022, when the hackers took control of the chain. A number of private keys were made available to the hackers, who then impersonated network transactions. Initially, it was predicted that the hackers has swept 552 million USD worth of Ethereum and USDC. However, later it was revealed that tokens worth 625 million USD had been stolen.
Also read: Year Ender: Top 5 Most Expensive NFTs Sold In India 2022
The Binance Chain Hack
The largest cryptocurrency exchange in the world, Binance, dominates an enormous market for investors.
The hackers gained access to the BNB cross-chain bridge Token Hub. They were able to create phony withdrawal proofs that allowed them to issue fake BNB tokens. This happened on 6th October, this year. The initial projection was $566 million. However, CZ, the CEO of Binance, was able to recover between 80 and 90 percent of the lost money. Through the use of other chains, the hackers were still able to escape with $100 million.
The Wormhole Bridge Hack
The best way to exchange tokens between Ethereum, Solana, BNB Chain, Polygon, Avalanche, Oasis, and Terra is through the Wormhole Bridge.
While creating Wrapped Ethereum tokens, the hacker impersonated the network’s verification procedure (WETH). Following the completion of the minting, the hacker traded about 94,000 tokens on Ethereum and the remaining tokens were traded for other cryptocurrencies on the Solana blockchain. The network was attacked by hackers in February of this year, costing 120,000 tokens. The value of the tokens was about 325 million USD at the time of the attack.
Also read: Bitget Launches Its DEX Aggregator After Wallet Hack
The Beanstalk Farm Attack
This year’s April witnessed another attack worth 180 million USD. The surprising part about this hack was, the hacker donated 250,000 USDC to warn torn Ukraine.
The hacker amassed a sizeable sum of money in the form of STALK, the network’s governance token, using a flash loan. A variety of cryptocurrencies worth about $80 million were hacked, which caused the stablecoin’s 1:1 peg to the USD to become unstable. The $182 million that was locked as its total worth was destroyed as a result (TVL). He used Tornado cash to sweep away the stolen money, which is now banned by the U.S.
Nomad Network Hack
The newly created update, which was launched in August of this year, turned out to have a bug and be a strong point for the hackers.
The Ethereum, FXS, CQT, DAI, and USDC funds were held by the network. The FBI was forced to alert investors to the looming risks of cryptocurrency as a result of the Nomad chain attack. After the hackers were promised a 10% payout of the money they returned, almost $22 million was recovered.
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