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The Month of December 2022 Saw the Least Crypto Theft – CertiK

While it is true that there were a couple of cyber thefts in the crypto industry during the course of 2022, the month of December last year saw the least amount of crypto theft; specifically with a total loss of $62.2 million from 23 major attacks.

Leading blockchain audit company, CertiK announced on Twitter that the top exit scams in the month of December were approximately $15.5 million while Flashloans attacks recorded $7.6 million.

The security firm advised crypto users to ensure they carry out proper due diligence and find out if a project has KYC and an audit report before investing.

Flash loans are a type of financial transaction that allows a borrower to quickly obtain a large amount of capital and then repay it immediately. Flash loans have, however, been exploited in several ways, including the use of vulnerable smart contracts. Malicious actors can exploit these flaws to carry out transactions that result in the theft of funds.

Another way that flash loans have been exploited is through the use of complex financial transactions that rely on the assumption that certain market conditions will remain stable. If those conditions change, the transaction may result in a loss for the borrower.

cryptocurrencies hack

Some Crypto Thefts in 2022

The cyber hack that occurred in the defunct FTX exchange is a major attack in the crypto space. The hacker was reported to have stolen $372 million following the abrupt collapse of the firm. It is still not certain whether the hack was done by an FTX employee or an outsider. However, it was reported that the US authorities have frozen a sizable amount of the stolen assets.

Ankr, a decentralized finance protocol built on Ethereum, confirmed in December that it was affected by a multi-million dollar cyberattack. PeckShield announced on Twitter that the hacker had stolen funds to Tornado cash or bridged them through Celer or deBridgeGate to Ethereum.

Ankr later confirmed on Twitter that the aBNB token has been hacked and that it is working with exchanges to immediately halt trading of the hacked token.

The month of December also experienced another cyberattack with Defrost Finance announcing that its V2 suffered a hack with an attacker withdrawing funds via the flash loan function. The firm however said it was closing the V2 UI adding that V1 was not harmed.

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