The worst crypto hacks of 2022

North Korea has been a thorn in the crypto industry's side this year. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap $812.93B (+0,18%) 24 Hour Volume $39.14B (+19.21%) Notable Movers[(XDC) $0.02747]( (+2.72%) Notable Movers (DeFi)[(RUNE) $1.41]( (+2.49%) Bitcoin Dominance 39,89%[(-0,05%)]( Bitcoin Price[(BTC) $16,853.02 (+0.02%)]( Ethereum Price[(ETH) $1,223.15 (+0.36%)]( Cardano Price[(ADA) $0,259 (+2.13%)]( [Today’s Top Stories ] Hacks in 2022 to the CMC 50 podcast!]( 🔥 The third episode of the CMC 50 is out! Today, Connor and Molly Jane are counting down from 36 to 30 in our rundown of 2022's biggest crypto stories. You can find us on [Apple Podcasts]( [Spotify]( and [Google Podcasts](. And you can also change the rankings of the CMC 50 by voting through our [interactive list]( worst crypto hacks of 2022]( 💸 Billions of dollars have been lost to crypto hacks this year — with experts warning that it's standing in the way of mainstream adoption. Bugs in code and sloppy security measures are often to blame. Cybercriminals often feel emboldened by how some police forces are behind the curve in investigating these crimes. Here are 10 big trends from 2022. [Today’s Top Stories ] 1. Investigators are catching up. Developments in blockchain analytics means detectives have far greater resources in monitoring the flow of stolen funds. And in some cases, it can be pretty difficult for attackers to start spending their loot. Exchanges are also springing into action to stop illicit funds from moving off their platforms. 2. There was an upbeat milestone in 2022. More hacked funds were recovered this year than were stolen. In just two cases, the Department of Justice seized almost $7 billion in Bitcoin: $3.36 billion stolen in 2012 from the Silk Road dark web marketplace, and $3.6 billion stolen in 2016 from the Bitfinex exchange. 3. Crypto projects must get better at auditing code. DeFi protocols often endure scrutiny when they first launch — but in some cases, subsequent upgrades aren't stress tested for security flaws. This can result in embarrassing loopholes being exploited to the tune of hundreds of millions of dollars. [Today’s Top Stories ] 4. When it comes to validators, there's safety in numbers. Ronin Network, which lost $625 million in an audacious hack, had just nine validators. This meant elite hackers needed just five passwords to commence withdrawals. To make matters even worse, it took six days for developers to notice that funds were missing. 5. North Korea is a thorn in the crypto industry's side. Hackers from the Lazarus Group are capitalizing on lax security in the sector to steal funds from crypto firms — and this money is then used to fund the rogue state's nuclear weapons program. All of this prompted the U.S. to controversially sanction Tornado Cash earlier this year. 6. Cybercriminals are getting worryingly sophisticated. Most consumers now know a giveaway scam when they see one, so attackers are stepping up their game. This year, we saw countless Discord servers and Twitter accounts hacked. In one month, official channels belonging to OpenSea and Beeple were targeted. 7. Security warnings aren't always listened to. Horizon Bridge was hacked to the tune of $100 million back in June — two months after a crypto influencer warned that its security was based on a multisig wallet that has just four owners. DeFi projects and investors alike must get better at taking action when these concerns are raised. [Today’s Top Stories ] 8. Cross-chain bridges were this year's biggest victim. They've proven to be the most vulnerable and valuable to hackers. From Wormhole to Ronin Network, and from Horizon to Nomad, the worst hacks of 2022 have been dominated by platforms that allow cryptoassets to move from one blockchain to another. 9. Some hacks added insult to serious injury. FTX customers were devastated after the exchange was tipped into bankruptcy. Things went from bad to worse when the platform was hacked for $477 million just hours later. Several experts and even Sam Bankman-Fried himself has suggested this could have been an inside job. 10. Ten years can pass, and hackers won't get away with it. James Zhong stole 50,676 BTC from the Silk Road darknet market in 2012. A decade on, and detectives discovered a circuit board storing the crypto stash at the bottom of a popcorn tin. "We won't stop following the money, no matter how expertly hidden," prosecutors said. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States