Crypto hacking totalled a record $3.8 bn in 2022
Economy Middle EastFeb 02, 2023
Cryptocurrency theft was at its worst in 2022, with hackers stealing upwards of $3.8B, according to a report released Wednesday by Chainalysis, a crypto blockchain analytics firm.
The stolen amount increased by a half billion dollars from 2021's totals and came as the overall crypto market declined significantly, with Bitcoin falling 60% last year. North Korean hackers allegedly stole a record $1.7B in crypto, up from $429M in 2021.
Although DeFi platforms are popular because of their transparent nature, they’re also vulnerable to major hacks. North Korean hackers have abused these vulnerabilities and have popularized the switch from attacking mainstream crypto platforms to focusing on unguarded decentralized ones. DeFi platforms need to strengthen their security through measures including third-party audits.
Governments spying on average citizens is coming disguised as cyber security against threats from US adversaries, including North Korea and Russia. Canada was able to do this when it regulated cryptocurrency during last year’s trucker protests, setting an example for other countries. Financial autonomy is tough in a surveillance state.