Although only a small percentage of total crypto transactions are tied to criminal behavior, hacks will continue to tarnish the industry's reputation, danielgkuhn writes. Opinion for 'The Node' newsletter.
The figures are in: October was the busiest month for crypto protocol exploits this year, with some $760 million stolen. The cumulative total for crypto hacks in 2022 is now at least $2.98 billion, already more than double the amount stolen through exploits in 2021, according to blockchain security firm Peckshield.those figures on Halloween night, giving credence to the term “Hacktober” some industry participants have taken to using.
This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the fullNovember, too, is already off to a rocky start. Wednesday, Deribit closed customer withdrawals from the derivative exchange so it could patch a bug in its hot wallet that led to a loss of $28 million in bitcoin , ether and stablecoin USDC. Then Solana-based decentralized finance protocol Solend announced a $1 million exploit.
That some $100 million of funds stolen in October have so far been returned is cold comfort. Crypto has become a den of liars, thieves and exploiters – in a way that has may have permanently stained the industry's reputation. Also of little relief is the fact that crypto, once thought to be the den of illicit dark net behavior, is
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