In recent years, the cryptocurrency sector has become a lucrative target for cybercriminals seeking to make a quick profit. Unfortunately, the latest incident of crypto theft is no exception. In a brazen display of criminal activity, cryptocurrency hackers have again struck, stealing a whopping $3.3 billion worth of digital currency. This latest heist is a stark reminder of the growing threat of crypto hacking and has left many investors wondering: can bitcoins be hacked?
The surge in crypto theft in 2021 became even more staggering compared to the previous two years. In 2019 and 2020, the total amount stolen was significantly lower, at $500 million yearly. However, the unprecedented increase in 2021 indicated the growing threat of crypto hacking and the urgent need for robust security measures. Chainalysis reported that North Korea’s earnings from crypto hacking surpass its total export earnings. This startling revelation indicates how much the country has resorted to cybercrime to generate revenue.
A Look At The Latest Crypto Hacking Scandal
The year 2022 witnessed some of the most massive cryptocurrency heists ever recorded. The trend of cryptocurrency hacking continued into March of 2022, with a surge in attacks leading to a loss of $732.4 million. The infamous hack at Axie played a significant role in driving this increase, underscoring the urgent need for enhanced security measures across the crypto space. October was also particularly devastating, with a whopping $775.7 million stolen in 32 separate attacks. Of these attacks, the breaches on BNB Chain and Mango Markets were particularly noteworthy, grabbing the attention of the industry and the public alike. A substantial shift in the pattern of attacks has been witnessed, with DeFi platforms increasingly becoming prime targets.
Also Read; Crypto: Crypto Platforms That Have Experienced Hacks
The North Korean Connection: Crypto Thieves Set Their Sights On Emerging Currencies
According to a recent report by Chainalysis, North Korea-affiliated groups have been the most successful cryptocurrency hackers in recent years. These groups broke their own records for theft in 2022, taking away an estimated $1.7 billion worth of digital currency through numerous attacks. The amount stolen by these groups far exceeds the value of all exports by the country, which amounted to just $142 million worth of goods in 2020. North Korea’s involvement in the DeFi hacking trend is also noteworthy, with hackers linked to the country stealing $1.1 billion of cryptocurrency from DeFi protocols in 2022.
Staying Vigilant: Navigating The Risks Of Scams And Fraud
As the UAE emerges as a crypto-friendly hub, it’s not surprising that cryptocurrency trading is booming in the country. Many are now considering investing in cryptocurrency as an alternate revenue generator, just like investing in stocks. The lure of potential profits has driven people to learn about cryptocurrencies. Still, this growth has also highlighted the security vulnerabilities and risk of financial fraud perpetrated by scammers. As digital currency trading continues to grow, users must remain vigilant of the ever-present scams and stay informed on how to protect themselves.
