### According to a recent report by CoinGecko, 2022 saw the highest loss to crypto hacks and exploits in the past decade, with $2.77 billion stolen from various platforms. The report also noted that 47% of these losses occurred through unconventional methods, indicating the increasing sophistication of crypto criminals.

Hackers frequently utilize a technique called "Access Control," in which they obtain entry to a system by exploiting a user's credentials. Another type of hack known as "Flash Loans" are on the rise as well. These attacks take advantage of vulnerabilities in smart contracts to illicitly obtain enormous sums of money in the form of "flash loans," which can then be used to manipulate the market. In addition to SQL injection attacks, phishing, and Oracle flaws, reentrancy attacks are also a common method of compromising crypto systems.



The report also highlighted some notable exploits in 2022, including the Wormhole Hack, which affected the token bridge in February and resulted in the loss of millions of dollars. The Ronin Bridge hack, which saw a vulnerability in the Axie Infinity game, resulted in the loss of over $600 million. The Nomad Bridge Exploit and the Mango Markets Exploit were also significant, with losses of $190 million and $117 million, respectively.



These incidents serve as a reminder that the crypto industry is still vulnerable to cyber attacks and that the stakes are high. Platforms must take proactive measures to enhance their security protocols and guard against potential vulnerabilities. This includes robust access control mechanisms, regular security audits, and proactive monitoring for potential threats.



With the industry's projected expansion, it is crucial to adopt a holistic security strategy and remain vigilant to the ever-changing nature of potential threats. The crypto business can gain users' trust and continue its rapid expansion if it makes security its top priority.








According to a recent report by CoinGecko, 2022 saw the highest loss to crypto hacks and exploits in the past decade, with $2.77 billion stolen from various platforms. The report also noted that 47% of these losses occurred through unconventional methods, indicating the increasing sophistication of crypto criminals.

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Wed Mar 01 2023 Rising Crypto Threats: Access Control and Flash Loans Named Most Common Exploits For 2022

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Wed Mar 01 2023

Rising Crypto Threats: Access Control and Flash Loans Named Most Common Exploits For 2022