Crypto: The largest crypto hacks and scandals of 2022 and how they happened

by | Dec 30, 2022 | Stock Market

A year of headline-grabbing hacks and scandals made 2022 a tough year when it comes to securing digital assets. Victims lost $3 billion to crypto hacks in 2022, according to Chainalysis, a spike from $2 billion lost in 2021.

Another estimate shows that victims of major hacks and scandals have lost a total of $4.3 billion, according to data security firm Privacy Affairs. The same report shows that Americans lost $329 million in just the first quarter of 2022, long before the collapse of crypto exchange FTX, during which hackers allegedly drained wallets after it filed for bankruptcy. Here’s a list of many of the major and noteworthy hacks of 2022, and how they occurred, listed in chronological order: Wormhole Crypto Bridge – $320 million In February, Wormhole, the name of a protocol that helped facilitate the movement of digital assets from one blockchain to another blockchain network (a blockchain is digital database underpinning cryptocurrencies), was hacked for crypto worth over $320 million. The hacker found a vulnerability in Wormhole’s smart contract, which allowed the attacker to fraudulently mint a large number of crypto tokens. Jump Crypto, a trading and VC firm, eventually replaced the stolen 120,000 ETH
to support Wormhole.

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