The Biggest crypto hacks this year before FTX

With all the recent hacks going around in crypto. Here is a list of some of the biggest hacks this year:

Ronin Network

The $625 million hack on Ronin Network ranks as one of the most notable crypto hacks of 2022.

Many of the cryptographic keys used to protect the Axie Infinity cross-chain bridge's security have been compromised by hackers. It appears that an Axie developer clicked on a fake job posting that was a PDF.

Four out of the nine private keys required for transaction authentication were taken by the attacker, who also transferred about 25.5 million USDC and 173,600 ETH to their wallets.

When a customer attempted to withdraw money in a proper manner, the network realized there had been a hack. Axie Infinity's founders, Sky Mavis, claim that in order to prevent any further financial losses, they have enlisted the help of forensic cryptographers, law enforcement agents, and investors.

Crypto.com

The well-known centralized exchange Crypto.com is yet another notable example from the list of cryptocurrency hacks.

On January 17, 2022, it lost $35 million due to a cryptocurrency hack. What was the reason behind the hack of Crypto.com?

The two-factor authentication. Hackers removed the essential identity verification feature and stole customers' Bitcoin and Ether from their accounts. However, the CEO of Crypto.com initially denied that money had been lost in the cryptocurrency hack. A few days later, the exchange was forced to admit the hack.

Binance

The October 2022 hack of the Binance exchange, which resulted in a loss of $570 million, became one of the most well-known attacks. The BSC Token Hub, a cross-chain bridge, served as the hack's main entry point. Hackers used the bridge to their advantage and produced more BNB tokens before taking 2 million of them out. The hack highlighted the need for further blockchain security improvement, with a focus on fixing security flaws in smart contract code. Trust Financial IRA

IRA Financial Trust

On February 8, 2022, a cryptocurrency hack caused a loss of almost $37 million for The IRA Financial Trust. It is a cryptocurrency-based retirement and pension payment system with the potential to promote cryptocurrency adoption by the general public.

However, by gaining access to a master key, hackers were able to compromise platform assets and get around all security precautions. IRA Financial Trust responded by criticizing Gemini for the hack. It appears that the IRA Financial Trust used the Gemini cryptocurrency exchange's services to store customer funds. Security enhancements are needed because the cryptocurrency exchange has been charged with negligence that caused the hack.

Wormhole

Wormhole lost $325 million as a result of a cryptocurrency hack on February 2, 2022, while serving as a Solana to Ethereum bridge.

Hackers had taken advantage of the platform's smart contracts to mint and withdraw wrapped Ether without putting up any collateral. The protocol's GitHub repository underwent an upgrade that had not been applied to the live project, making the smart contract vulnerability possible.

With a loss of SOL tokens valued at $47 million, the Wormhole hack appears to have been the largest theft of Solana. Because the funds were not recovered, the network then had to replenish the project's assets. The affected Solana-based platforms were kept solvent by Jump Crypto, the venture capital firm that supports the Wormhole protocol. Wormhole also renamed its bridge to "Portal,",

It's a surprise we are still standing after so many hacks and whatnot