In the past 10 months of 2022, more than 120 virtual currency attacks have been carried out, causing damage up to 3 billion USD.
In 2022, the virtual currency market recorded a difficult situation when it was constantly subjected to attacks from hackers.
In the first half of October, the amount of virtual currency stolen was at least 718 million USD, bringing the total amount of the whole year 2022 to more than 3 billion USD. This is considered a new record recorded compared to previous years.
According to experts, the main target that hackers target is Defi – centralized financial projects, especially young investors and startups, which are more vulnerable to attacks due to inexperience.
When using Defi, investors can freely borrow money without providing real identity, even without credit card information. Defi is highly appreciated for this feature, many users also love it because of its convenience.
The total amount of virtual money invested in Defi projects has reached more than 100 billion USD.
However, Defi has a huge flaw that is the “smart contract” – the main tool that runs the projects.
Smart contracts use open source code, making the code public for anyone, so hackers can easily attack the system, instead of just attacking each user’s account individually. Therefore, when attacked, hackers can steal all the money of a large project, not just a personal account.
Experts have also repeatedly warned that Defi’s open source code is a good bait to attract hackers to attack. They can easily find the weak points of the whole system publicly, as long as it takes a little time to research.
“Even in projects that are thoroughly checked and secured, vulnerabilities still exist.” Expert warning.
Experts added, October is a hot, extremely dangerous time for the virtual currency market.
Indeed, just last week there was an attack that caused 2 million Binance Coin – equivalent to nearly 570 million USD – to be stolen. Fortunately, the authorities intervened in time and froze $470 million, but the remaining $100 million was determined to be unrecoverable.
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