5 biggest crypto hacks of 2022
From plummeting values to the collapse of “stablecoins” and the fallout from FTX’s bankruptcy, cryptocurrency’s woes this year have been well documented.
What has received less attention is crypto’s vulnerability to cyberthreats. The explosion of money pouring into digital assets has attracted the attention of criminals, and the unregulated nature of many companies in the market mean they aren’t required to have the same sort of security protocols in place as traditional financial services networks.
There was a notable increase in crypto hacks in 2022, with the five largest resulting in a total loss of $1.4 billion, according to Daniel Markuson, a cybersecurity expert at NordVPN.
“While pump-and-dump scams and rugpulls are a constant threat to crypto investors, they’re not the only risks you have to worry about in this space,” Markuson said in a statement. “Even if the coin you’re holding maintains or gains value, you may still end up losing your money because of a crypto hack.”
Click through to see the five biggest crypto hacks of the year, starting with the smallest in terms of money lost.