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NEWS: $1.3B Cryptocurrency Stolen in Q1 2022, 97% Coming From Defi Exploits

Defi exploits make up the majority of stolen cryptos this year. 2022 is already breaking records in terms of cryptos stolen from hacks and exploits. only the first trimester. The recorded stolen crypto data comes from a report published by cryptomonday.and study author Elizabeth Kerr. The author of the report says that “the numbers mean a significant increase. Report: $1.3 billion worth of crypto stolen in Q1 2022, 97% came from defi mines e.g. B. $1.3 billion digital coins stolen this year, 97% of the funds were taken from defi logs. In the first quarter of 2021, only 72% of stolen funds came from defi, and in 2020 it was just 30%. The 2022 theft came from bug code exploits that used smart contract bugs to siphon stolen funds from defi logs. The author says that since the Defi environment is open source, anyone can search for vulnerabilities and bugs within a Defi project’s code base.Attacks on centralized exchanges decline significantly The study further shows that while centralized exchanges have been popular traps in recent years, attacks on centralized trading platforms have declined. “[Attacks on centralized exchanges] now account for less than 15% of [stolen] cryptocurrencies,” Kerr writes. The report also notes that common defi protocol hacks have taken the form of flash lending attacks and security breaches. The author of the report also mentions the attack on the Ronin Bridge, which resulted in a loss of over $600 million in .”Hackers and cybercriminals stole more than $3.2 billion last year, and we may have stolen even more this year if you look at the first quarter. The need for tighter security measures is growing by the day, especially as more and more people come on board,” Cryptomonday CEO Jonathan Merry said in a statement.

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