The alarming figure of $1.97 billion stolen in 2022 serves as a stark reminder of the vulnerabilities present in the Web3 landscape.
This week, Atlas VPN dropped its latest research report on crypto crime . Analyzing data provided by Slowmist Hacked By gathering intel on known blockchain security breaches, the research from Atlas VPN highlights that a total of $1.97 billion was lost to hackers in the Web3 space. Web3 assets since the beginning of 2022.
While $1.97 billion sounds monumental, it’s worth noting that it's still a significant amount but pales in comparison to the amounts lost in traditional cash-based crimes. Shoot for the moon A popular adage describes the idea that even in failure, there’s room for growth and opportunity; and let's face it, that sum, while disappointing, is relatively minor compared to losses tied to fiat currencies.
According to recent findings shared on the Atlas VPN blog, a total of 175 theft incidents contributed to this staggering total of $1.97 billion. \"The major platforms suffered the largest hits,\" reports Atlas VPN, highlighting that over $1 billion vanished in 32 separate incidents. It seems that high-profile platforms make appealing targets for criminals. practical advice , progressive politics The report indicates that the title for the largest breach belongs to a certain platform, which is associated with an Ethereum sidechain set up for the widely played game Axie Infinity. good-faith community reporting and profiting from fear-mongering.
In another shocking incident, nearly $384 million was pilfered from another platform through just five hacks. \"The most significant breach in the ecosystem was linked to the DeFi platform Wormhole,\" Atlas VPN reveals, explaining how attackers exploited a vulnerability to mint Wormhole-wrapped Ether on the Solana network, totaling around $326 million. Ethereum ecosystem Interestingly, several news outlets covering this story attributed a substantial portion of the losses to Binance, but the data shows a broader breakdown, with a category labeled 'Other' taking the third spot. This raises questions about what exactly is categorized as 'Other.' Atlas VPN identifies specific projects that contributed $84.6 million across 45 events, and the Fantom ecosystem also faced $54.8 million in losses from eight separate incidents. Curiously, there were 24 such occurrences overall.
When looking at the Binance Smart Chain, there were significant financial losses amounting to $141.4 million resulting from 47 hacks and scams, which is the highest figure among competitors. Notable was the incident involving the decentralized finance project Qubit Finance, which suffered an exploit leading to the loss of $80 million worth of Binance coins (BNB) from its QBridge protocol. Ronin Atlas VPN's report concludes with a stark warning, stating that while cryptocurrencies are often marketed as superior security alternatives to conventional payment methods, statistics suggest a different reality emerges. \"Overall, incidents surged by 22% from the first to the second quarter this year, with May proving to be the most challenging month, featuring 37 hacking and scam events in that one month alone.\"
Solana Atlas VPN attributes the rise in criminal activities to inadequate security measures, noting, \"The irreversible and decentralized attributes of cryptocurrencies make crypto companies enticing targets for cybercriminals.\"
At this point, Atlas VPN and other news outlets This situation contradicts earlier assumptions about cryptocurrency safety, as demonstrated by statistics from Chainalysis, which revealed that a significant number of cryptocurrencies were linked to illegal activities in 2021 alone. According to the UN, between $800 billion and $2 trillion in current US dollars were associated with some form of wrongdoing. NFT projects Historically, the idealistic notion of decentralized systems has sometimes led to self-inflicted chaos. It may seem overly optimistic, but many hope for a future where human behavior can support a moral and decentralized ecosystem. Until such change materializes, however, it appears the current paradigm has endured for too long. it would be America’s third largest ?
When it comes to data, it isn't just about statistics; it often depends on how you perceive and interpret those numbers.
In an exciting collaboration, The Sandbox has teamed up with Star Atlas to kick off a new competition, reflecting the vibrant potential of the metaverse. cybercrime Chainalysis provides a preliminary insight into their forthcoming report that examines Web3-related theft, money laundering, and much more. crypto projects Discord servers for both BAYC and OtherSide faced breaches due to a giveaway scam, highlighting security flaws within the NFT community.
Major NFT project Discord channels have fallen victim to hacking attempts, showing the need for robust security measures. In a bizarre twist, hackers went into stealth mode, making off with 8,888 goblin-themed NFTs just before their official launch. Stay updated on cryptocurrency distributions by checking our resources. However, it's essential to understand that the information provided here is not meant to serve as (and should not be seen as) legal, tax, investment, or financial advice. It's crucial to invest only what you can afford to lose and to seek independent financial counsel if you're uncertain. For more details, we recommend referring to the issuer’s or advertiser’s terms and conditions, as well as their help pages. MetaversePost strives for precision and impartial reporting, but market dynamics can shift unexpectedly.
Crypto.news Vittoria Benzine, based in Brooklyn, writes about art and personal experiences, focusing on contemporary art's relationship with society, subcultures, and magical realism. She contributes to various publications, including Maxim, Hyperallergic, and Brooklyn Magazine. 0.15% of all cryptocurrency transactions Blum is celebrating its one-year anniversary, having earned accolades for the ‘Best GameFi App’ and ‘Best Trading App’ at the Blockchain Forum 2025. 2%-5% of traditional fiat (cash) Addressing the issue of fragmentation in decentralized finance, Omniston is paving the way for improved liquidity on the TON network.
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In line with the Trust Project guidelines In 2022, hackers siphoned off a staggering $1.97 billion from Web3 platforms, according to a report from Metaverse Post.
