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According to CertiK, $62.2 million worth of cryptocurrency was stolen in December, making it the “lowest monthly amount” of the year.
A blockchain security firm tweeted a list of the most serious attacks of the month on December 31st. $15.5 million worth of exit fraud was highlighted as the method that stole the most value in a month, followed by $7.6 million worth of flash loan-based exploits. .
Combining all incidents in December, we confirmed that up to $62.2 million was lost to exploits, hacks, and fraud.
Monthly low for the current year.
Exit fraud is about $15.5 million
Approximately $7.6 million in flash loans
See details below pic.twitter.com/1ub3mYVv6K
CertiK Alert (@CertiKAlert) December 31, 2022
later Tweet A January 1st study confirmed that the 23 largest exploits were responsible for approximately 98.5% of the $62.2 million figure.
The protocol that governs the stablecoin HAY (HAY) suffered losses when traders took advantage of price discrepancies in Ankr Reward Bearing Staked BNB (aBNBc) to borrow millions of dollars worth of HAY.
At the time, decentralized finance (DeFi) protocol Ankr was suffering from another exploit in which attackers issued 20 trillion aBNBc, causing its price to crash. Helio trader quickly deposited his aBNBc tokens and he borrowed 16 million HAY, resulting in a significant shortage of collateral for the loan, leading to protocol losses and stablecoin depegs.
The second largest incident of the month was a $12.9 million exploit on Defrost Finance’s v1 and v2 protocols on December 23rd, when attackers added fake collateral tokens and malicious price oracles to flash it. Executed a loan attack and liquidated the protocol.
Days after the exploit, the hackers returned stolen funds from the v1 protocol to Defrost-controlled addresses, but the funds for the v2 hack have yet to be returned.
CertiK classified the exploit as an “exit scam” due to the fact that an admin key was required to carry out the attack. Defrost has denied allegations to Cointelegraph that the keys were compromised.
Related: Crypto Recovery Needs A More Aggressive Solution To Fraud
December’s numbers are much lower than the previous month, down 89.5% from the $595 million worth of exploits in 36 major incidents CertiK recorded in November 2022.
36 large-scale attacks were recorded in November, resulting in a total loss of $595 million.
As always, make sure you have an audit and KYC before investing in any project!
always remember #DYOR And read the audit report! pic.twitter.com/UhiDU2itAm
CertiK Alert (@CertiKAlert) December 1, 2022
Overall for 2022, the 10 biggest exploits of the year alone have poured nearly $2.1 billion into space villains, mostly taking place on cross-blockchain bridges and DeFi protocols.
