Barely halfway through and October already the biggest month for crypto hacks: Finance Redefined

Blockchain analytics firm Chainalysis has called October 2022 the "biggest month in the biggest year ever for blockchain business." piracy".

Newsletter

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.

October is historically associated with bulls, but in 2022 the month also became the leader in crypto hacks barely halfway through, and the DeFi ecosystem has already seen nearly a dozen hacks resulting in losses of hundreds of millions of dollars.

The biggest hack happened on Solana's DeFi platform, Mango Markets, on October 11, resulting in a loss of over $100 million worth of crypto. The hacker has now come out to demand $70 million in USD Coin (USDC) stablecoins as a bounty to return the stolen crypto.

In another hack, TempleDAO was exploited for $2 million on the same day as the Mango Market exploit.

Beyond hacker exploits, DappRadar, a DeFi analytics firm, explained why its calculation on daily active users in the $1.6 billion metaverse ecosystem Decentraland was less than 40.< /p>

The top 100 DeFi tokens faced downside pressure throughout the week, with some relief coming late Thursday. The majority of tokens traded red on the weekly charts except for a few and the total value locked (TVL) fell below $50 billion.

Barely Halfway and October is the 'Most Important Month' in Crypto Hacks: Chainalysis

Blockchain analytics firm Chainalysis called October 2022 the “biggest month of the biggest year ever for hacking activity,” with total hacking value for the month reaching nearly $718 million. dollars.

Although not past halfway through the month, Chainalysis said 11 different hacks on DeFi protocols have seen hundreds of millions of exploits.