Cryptocurrency is not as secure as it has been told. It has become an easy means of loot for hackers. Every year new records are being made of the theft of digital currency. This year also a new record for the theft of crypto can be set. In October, hackers hacked crypto worth 6 thousand crores and by the end of the year, this figure is estimated to exceed $ 3 billion (Rs 2.47 lakh crore).
Most of the targets of crypto hackers worldwide are decentralized finance or Defi protocols. These protocols use software-based algorithms to transact crypto investors' trade, lending, and loans in digital accounts, instead of using a central intermediary. Hackers have sensed their weaknesses. This is the reason why they can easily decode the structure of the Defi marketplace.
According to software company Chain Analysis, October has proved to be the biggest month for hacking activities in 2022. The two biggest crypto robberies in the recent past involve the loot of around Rs 823 crore by manipulating token prices from Defi service 'Mango'. After the such robbery, questions have been raised on the security of crypto exchange platforms.
A hacker effectively produced and stole 2 million Binance Coins worth approximately $570 million last week. According to a Binance statement, around $100 million was not retrieved, while the remainder remained locked.
