The Biggest Crypto Hacks of the Year and How Much They Swept

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Crypto Hacks Of The Year: This year turned out to be the toughest year in the cryptocurrency market so far. The year has been filled with meltdowns and hacks. Let’s take a look at the biggest and worst crypto-verse hacks of 2022.

The FTX Crash

It was the biggest of all the money lost in 2022. FTX filed for bankruptcy in the United States on November 11. The major exchange in the crypto market had now collapsed, already sweeping millions of dollars from the market. Not only that, the crash shook the entire crypto market and the resulting dust lasted for over a month.

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This has become an opportunity for hackers as tokens worth over $640 million have been pulled from the exchange. These tokens were then transferred to other exchanges and converted into altcoins.

Ronin Chain Hack

A group of North Korean hackers has taken over this sidechain. The Ronin chain was used for Axie Infinity transactions, play-to-earn NFT game. This happened in March 2022 when hackers took over the channel. A number of private keys were made available to hackers, who then posed as network transactions. Initially, hackers were predicted to have swept $552 million from Ethereum and USDC. However, later it was revealed that tokens worth $625 million were stolen.

Also Read: Year Ender: Top 5 Most Expensive NFTs Sold in India 2022

The Binance Chain Hack

The world’s largest cryptocurrency exchange, Binance, dominates a huge market for investors.

Hackers gained access to the BNB Cross-Chain Bridge Token Hub. They were able to create fake withdrawal proofs which allowed them to issue fake BNB tokens. This happened on October 6 of this year. The original projection was $566 million. However, CZ, the CEO of Binance, was able to recover between 80-90% 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 trade 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 Verification Procedure (WETH). After the completion of the strike, the hacker traded around 94,000 tokens on Ethereum and the remaining tokens were exchanged for other cryptocurrencies on the Solana blockchain. The network was attacked by hackers in February this year, costing 120,000 tokens. The value of the tokens was approximately $325 million at the time of the attack.

Also Read: Bitget Launches Its DEX Aggregator After Wallet Hack

Attack on the Beanstalk Farm

April this year saw another attack worth $180 million. The surprising part of this hack was that the hacker donated 250,000 USDC to warn the heartbroken Ukraine.

The hacker amassed a large sum of money in the form of STALK, the network governance token, using a flash loan. A variety of cryptocurrencies worth around $80 million were hacked, causing the stablecoin’s 1:1 peg to USD to become unstable. The $182 million that was blocked as its total value was destroyed as a result (TVL). He used Tornado money to sweep up the stolen money, which is now banned by the United States

Nomad Network Hack

The newly created update, which was released in August this year, turned out to have a bug and be a strong point for hackers.

Ethereum, FXS, CQT, DAI, and USDC funds were held by the network. The FBI was forced to alert investors to impending cryptocurrency risks following the Nomad Chain attack. After the hackers were promised a 10% payout of the money they returned, almost $22 million was recovered.

Shourya mainly reports on cryptocurrency prices, NFTs and the metaverse. A graduate and post-graduate in journalism, she always wanted to be in business. Connect with her on [email protected] or tweet at Shourya_Jha7

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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