Crypto hacking incidents jumped 153% in the third quarter of 2022 compared to the same period last year, with 76 incidents reported in Q3 and losses from hacks and fraud rising to more than $685 million. The two biggest exploits, a $200 million hack of Mixin Network and a $126 million hack of Multichain, accounted for nearly half of the total losses in the quarter. South Korean officials have blamed the Mixin hack on North Korean-sponsored hackers known as the Lazarus Group, who were also allegedly behind major hacks of crypto exchanges CoinEx, Alphapo, and Stake as well as digital payments firm CoinsPaid during the quarter, stealing more than $200 million combined.

Hacks made up the vast majority of losses, accounting for 97% compared to just 3% from frauds and scams. Decentralized finance (DeFi) protocols suffered most of the damage, with nearly $500 million lost versus over $185 million stolen from centralized exchanges and services.

The surge in incidents highlights the increasing sophistication of hacking groups targeting blockchain projects, as well as the complexity of smart contract code underlying many DeFi applications.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	8
People	Mitchell Amador, Lazarus Group
Companies	Mixin Network, Lazarus Group, ImmuneFi, CoinsPaid, Multichain
Currencies	CoinEx, Ethereum, Mixin, Aavegotchi ALPHA, Bitcoin, CoinsPaid, Stake DAO, Multichain
Securities	None