Over $2.77 billion worth of crypto was lost to hacks, exploits, and attacks in 2022, according to CoinGecko’s recent research.
Around 47% of this amount — equating to $1.30 billion — was stolen using a diverse range of methods including market manipulation, bypassing the verification process, and exploiting minor errors, according to the CoinGecko report.
Most damaging methods
“Crypto hackers are exploring unconventional ways of stealing from projects and users,” states the report, after exploring the methods attackers preferred in 2022.
The results showed that nearly half of the total amount was stolen using new methods which were not included in the categories.
The largest heist of the year was Axie Infinity’s Ronin Bridge hack, which is categorized under the access control category. The attackers managed to steal over $615 million in Ethereum (ETH), which makes up over 58% of the total access control hacks.
The second, third, and fourth largest heists of the year were the results of unconventional methods, according to the report.
Solana’s (SOL) wormhole hack cost over $200 million, marking the second-largest loss of 2022. The Nomad bridge exploit and the Mango Markets hack cost over $190 million, and $116 million, respectively, ranking as the third and the fourth largest losses of the year.
Exploits in 2022
The $2.77 billion lost to attackers in 2022 marks the highest amount stolen in a single year since 2013. In 2012, the total amount lost to attackers was $3.36 billion.
The chart below demonstrates the total annual amount of crypto lost to hacks and exploits since 2018.
The losses recorded in 2022 marks a 4.2% increase from 2021’s $2.66 billion. The chart also distinguishes the amount lost each quarter. The first quarter of 2022 lost the most significant amount to the attackers, with $1.26 billion. Over $715 million was lost during the second quarter — a further $398 million and $395 million were lost in the third and fourth quarters, respectively.
The SEC vs. Paxos: A deep dive into the implications of the lawsuit and its effects on stablecoins
The SEC’s notice to Paxos to stop minting BUSD could have longstanding implications on the crypto market. CryptoSlate’s new report explores the recent and potential consequences of enforcement action against Paxos.
