secondary title

Crypto.com

secondary title

Qubit

secondary title

Wormhole

secondary title

IRA FT

On Feb. 8, the $37 million IRA Financial Trust is a crypto-focused retirement and pension platform. It was hacked and they somehow got the "master key". They blamed Gemini. Now they are suing cryptocurrency exchange Gemini for alleged negligence.

5. Cashio - $52M in worthless collateral was placed and used for "unlimited" minting on March 22

secondary title

Axie Infinity

secondary title

Beanstalk

secondary title

Fei protocol

secondary title

Harmony

secondary title

Nomad

On Aug. 1, an update to one of the $190 million Nomad smart contracts made it easy for users to spoof transactions. Users can withdraw money from the Nomad bridge. The white hat hackers have since returned $33.3 million worth of funds.

Last year we faced more social engineering attacks, and in 2022 we have moved to more code exploits and flash loans. Instead of relying on large numbers of people falling for phishing scams, attackers are able to attack DeFi protocols directly.

No single chain can handle all global transaction volume. Therefore, while mass adoption has not yet been achieved, it seems inevitable that progress is being made towards a multi-chain future. This explains the need for cross-chain bridges and why they need to be secured.

The biggest hacks of 2022 were carried out by attackers who discovered vulnerabilities in cross-chain bridges and flash loan protocols. In the future, it will be helpful to have smart contract audits for every line of code, both before release and when code is changed.

2022 is also the biggest year yet for North Korea-linked hacking groups. With Tornado Cash Sanctions Setting a Precedent in the Crypto Industry, Where Will Hackers Turn Now? Who will be the next victim?