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October – $3B is lost in “Hacktober” in 2022, overtaking 2021

According to the most recent statistics, the month of October has shattered all records for crypto exploits and the quantity of digital goods stolen, living up to its new moniker of “Hacktober.”

PeckShield, a blockchain security company, tweeted some alarming data on October 31. The company stated that $2.98 billion in digital assets had been stolen as of that date, which is almost twice the $1.55 billion lost in all of 2021.

About 44 exploits impacting 53 protocols were used during “Hacktober,” it continued. A staggering $760 million was stolen by dishonest actors in one month, yet $100 million was recovered.

With slightly under $710 million taken, March was the second-highest month for hacking funds behind October. Most of this came from the Ronin bridge exploit, which led to the theft of $625 million in cryptocurrency assets.

According to PeckShield, the BNB Chain lost $586 million in October, making it the top exploit by a wide margin. Despite having a deal with the exploiter to repay some of the money, the Mango Markets DeFi protocol was ranked as second.

According to DeFiYield’s Rekt Database, there were a number of further noteworthy exploits in October. These include Transit Swap losing $29 million, Team Finance suffering a $13 million hit, and Moola Market losing $9 million. The Freeway crypto yield platform was categorized as a $60 million rug pull.

On Nov. 1, DeFiYield published its own report outlining the grave circumstances surrounding the hackfest that took place the previous month.

It asserts that more over $1 billion was lost to cryptocurrency scams in October, albeit it doesn’t exclude indirect protocol exploitation like rug pulls and Ponzi schemes. For the month, DeFiYield reported 35 events in total, 15 of which included rug pulls.

On a more upbeat note, the report said that in 2022, about $890 million in cryptocurrency funds had been recovered.

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