Top Five Crypto Scams of 2022

Hackers are getting brighter and braver every day while exchanges relax, the burden dawns on the users who lose millions. According to decrypt, over $1.7 billion has been lost to crypto theft in 2022 alone. Here are the top five scams of 2022.

Crypto.com $35 Million

Crypto.com, the crypto exchanges platform, suffered a blow early in January when it lost millions to hackers. Users of the exchange realized reduced balances in their wallets during the week of January 16. The platform denied the claims at first but later conceded to losing millions.

The hackers managed to break through the two-factor authentication system and steal $35 million worth of cryptocurrency.

Crypto.com reimbursed all the customers and junked their 2FA for a new one to keep the platform users’ faith. 

The Qubit Protocol hack $80 Million

On January 22, Qubit Finance released a statement confirming that hackers had stolen $80 million from them through a hack on their smart contracts. The attacker exploited the protocol’s QBridge deposit function to take 206,809 Binance coins through Qubit’s QBridge deposit function, making it the seventh-largest Defi hack ever, DeFiYield Rekt data shows.

The attacker took advantage of a logical error in Qubit Finance’s code that allowed them to input malicious data and withdraw tokens on BSC when none were deposited on Ethereum, blockchain security firm CertiK explained.

Beanstalk heist $182 Million

 A hacker drained around $182 million in cryptocurrency from a Defi project called Beanstalk Farms, exploiting a majority vote governance system that is a core feature of many Defi protocols. The attack was spotted by blockchain analytics company PeckShield, which estimated the net profit for the hacker was around $80 million of the total funds stolen, minus some of the borrowed funds that were required to perform the attack.

Wormhole bridge $321 Million

The heist, which took place in February 2022, was confirmed in a blog post by the company. The company froze all assets stolen from its customers and is working with law enforcement to investigate the theft.

Wormhole Bridge is a decentralized cryptocurrency exchange that allows users to trade bitcoin for other digital assets including Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

According to a report by Cointelegraph, $321 million worth of cryptocurrencies were stolen by hackers who exploited vulnerabilities in the firm’s trading software. According to the report, the hacker minted over 120,000 wETH before transacting the amount to other cryptocurrencies and NFTs.

Ronin Heist $625 Million

Cryptocurrencies worth $615 million were stolen from a blockchain project called Ronin. The unknown attackers compromised the company’s wallet and stole $615 million in crypto, according to Reuters.

Ronin was launched in 2020 by Sky Mavis to create a “decentralized ecosystem” where users can participate in various tasks and earn rewards. The hack is one of the larger ones to date.

Leave a Reply

Your email address will not be published.