Crypto Thieves Make Away With N664 Billion in 2022 Alone, Cast Doubts on The Future of DeFi

Crypto Thieves Make Away With N664 Billion in 2022 Alone, Cast Doubts on The Future of DeFi

  • The Decentralised Finance ecosystem saw more hacks and thefts in 2022 than the previous two years combined
  • The first four months in 2022, over N664 billion cryptos were stolen by hackers, the highest being the Ronin Bridge $625 million heist
  • Analysis reveal that the month of March witnessed the highest attacks on blockchain platforms by thieves

The future of Decentralised Finance may have hit a snag as the clamour for wide adoption of cryptocurrency intensifies.

Just a little over four months in 2022, the Defi ecosystem has been hit with a series of thefts, hacks and scams.

Crypto Thieves , Future of DeFi
Thieves steal more cryptos in 2022 alone Credit: Nurphoto
Source: Getty Images

Over N664 ($1.6 billion) in cryptocurrencies has been stolen from investors, exceeding the total amount stolen in two years and 2021 combined.

Investors bleed in the month of March

Blockchain firm, CertiK’s analysis reveals the data showing that the month of March has the most stolen amount of cryptos valued at $719.2 million and over $200 million more than what was stolen, all in 2020.

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The March statistics are due to the Ronin bridge hack, where over $600 million worth of crypto was stolen from the P2E platform.

The month of April was also a busy month for hackers with CertiK documenting about 31 incidents of hacks, which is an average of almost one every day.

The Beanstalk attack in April where $182 million worth of cryptos were stolen from a DeFi platform using a flash loan attack remains the most poignant.

Hackers reject ransom

CertiK said that almost $80 million were lost by Fei Protocol, the second-biggest theft in April and the $10 million lost from an automated market marker protocol, Saddle Finance which happened towards the end of the month.

Protocol took to social media to offer attackers a ransom in exchange for stolen funds.

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The Poly Network in 2021 returned almost all the $610 million stolen from the network and refused to take a $500K reward.

According to CertiK, the month of April holds the record for the biggest dollar amount losses in flash loan attacks ever documented. The losses were estimated at about $301.4 million compared to $6.7 million lost from January through March.

Over 158,000 crypto investors have all their funds wiped out as bitcoin buckles

You may recall that has reported that about 158,832 traders have their investment liquidated, which totaled about $387.96 million.

It is the biggest single liquidation on Okx, a BTC-USD-220930 transaction at $2.93. The premier crypto, bitcoin and Ethereum have their prices have broken their key $4ok and 3k support levels individually as investors' sentiments are at a bearish level.

The important driver of the round of liquidations, promoters say, was a very sharp selloff in the week before which was driven by a strong dollar that has gotten to the new highs in two decades.


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