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HomeCrypto NewsMarketReport: Hackers Steal Nearly $2 Billion in Cryptocurrencies in Q1 2022, as Ethereum And Solana Suffers More 

Report: Hackers Steal Nearly $2 Billion in Cryptocurrencies in Q1 2022, as Ethereum And Solana Suffers More 

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Cryptocurrency hackers are not relenting in their quest to steal funds from unsuspecting victims. 

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Since the inception of the nascent industry, tens of billions of dollars worth of cryptocurrencies have been stolen by these actors.

These actions have continued to dent the reputation of the asset class, prompting industry players to launch different measures to mitigate crypto heists. However, these solutions have not stopped illicit actors from perpetrating cryptocurrency heists.

According to a report by Atlas VPN, cryptocurrency hackers stole $1.97 billion worth of digital currencies in the first half of 2022 alone.

Ethereum Attacks Represent Over $1B 

Hackers Steal Nearly $2 Billion in Cryptocurrencies
Image source: https://www.digitalinformationworld.com/2022/07/almost-2-billion-in-crypto-was-stolen.html
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Atlas VPN noted that the largest crypto heist this year remains the Ronin attack reported earlier this year, which saw a whopping $600 million worth of investors’ funds stolen.

The Ethereum blockchain has been a major recipient of hackers’ activities throughout the year. Notably, out of the $1.97 billion worth of digital currencies stolen across various blockchains, over $1 billion of the total sum was siphoned from various crypto projects on the Ethereum blockchain in 32 events.

Solana is the second blockchain that has suffered the most attacks. Per the report, multiple hacks stole at least $380 million from the Solana ecosystem in the first half of the year.

“This makes Ethereum and Solana two of the biggest contributors to these hacks,” Digital Information World noted in a report.

Hackers Dent Cryptos’ Reputation

Cryptocurrencies are tipped to expose investors to numerous opportunities, including turning an average income earner into an overnight millionaire.

Despite the numerous opportunities associated with crypto, bad actors are still denting the image of the nascent industry by wreaking havoc on investors via theft.

These actions have continued to hinder regulators from establishing favorable regulations for cryptos.

Tactics Used By Crypto Hackers

These hackers continue to deploy various illicit tactics to perpetrate these acts, defrauding investors of their crypto assets.

Aside from external attacks, most cryptocurrency projects conduct these hacks themselves via an inside job referred to as rug pulls.

These hackers usually exploit code in the project to drain liquidity and most times leave the project dead.

More cryptocurrency heist tactics are being unveiled on a daily basis, as hackers are not in any mood to stop taking advantage of unsuspecting victims.

TheCryptoBasic reported today that scammers recently launched a fake Ripple giveaway promotion to steal investors’ XRP coins.

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Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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