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Crypto Hacks Soar as North Korea Targets DeFi, Chainalysis Says

Aug. 16, 2022, 11:39 AM

The value of funds lost to cryptocurrency hacks has soared this year as decentralized-finance protocols have become an easy target for attackers, a report from blockchain analysis firm Chainalysis showed.

Around $1.9 billion worth of digital tokens has been stolen in hacks this year through July, up 58% from the same period of 2021, according to Chainalysis.

“This trend doesn’t appear set to reverse any time soon, with a $190 million hack of cross-chain bridge Nomad and $5 million hack of several Solana wallets already occurring in the first week of August,” the report said.

DeFi protocols, especially cross-chain bridges ...