Crypto lost $2.77 billion to hacks, exploits in 2022
Over $2.77 billion in crypto was lost to hacks, exploits and attacks in 2022, according to CoinGecko’s recent research.
Around 47% of this amount – equivalent to $1.30 billion – was stolen using a variety of methods, including market manipulation, bypassing the verification process and exploiting minor flaws, according to the CoinGecko report.
Most harmful methods
“Cryptohackers are exploring unconventional ways to steal from projects and users,” the report said, after exploring the methods attackers preferred in 2022.
The results showed that almost half of the total amount was stolen using new methods that were not included in the categories.
The biggest 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 is over 58% of the total access control hacks.
The year’s second, third and fourth biggest robberies were the result 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 Mango Markets hack cost over $190 million and $116 million, respectively, ranking as the third and fourth largest losses of the year .
Used in 2022
The $2.77 billion lost to attackers in 2022 is the highest amount stolen in a single year since 2013. In 2012, the total loss to attackers was $3.36 billion.
The chart below shows the total annual amount of crypto lost due to hacks and exploits since 2018.
The losses recorded in 2022 mark a 4.2% increase from 2021’s $2.66 billion. The chart also separates 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 – an additional $398 million and $395 million were lost in the third and fourth quarters, respectively.
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