© Provided by Business Today Hackers stole over Rs 31,200 crore from crypto investors in 2022; here's how to keep it safe The year 2022 has now become the worst year on record for cryptocurrency with investors not only reeling from a downturn from all-time high prices but from hackers. In 2022, $3.8 billion (around Rs 31,200 crore) have been stolen by hackers from crypto investors which is up from $3.3 billion in 2021, according to Blockchain analytics platform Chainalysis.
The report also pointed out that October 2022 was one of the worst months which saw over 30 hacking attacks and $775.7 million vanish from crypto investors.
Most of the stolen crypto stemmed from cross-chain bridge protocols specifically.
Cross-chain bridge protocols are technologies that allow for the transfer of assets or information between different blockchain networks. They allow for the interoperability of different blockchain systems, enabling assets to be transferred from one blockchain to another without the need for a centralized intermediary.
The main goal of cross-chain bridges is to overcome the limitations of existing blockchain networks and allow for greater interoperability and integration between different blockchains. This can result in a more connected and decentralized ecosystem, where users can seamlessly transfer assets and access a wider range of services.
"If a bridge gets big enough, any error in its underlying smart contract code or other potential weak spot is almost sure to eventually be found and exploited by bad actors," the report said.
Many of the prolific hackers or hacking groups are said to have links to North Korea. "Besides DeFi protocols, North Korea-linked hackers also tend to send large sums to mixers, which have typically been the cornerstone of their money laundering process," the report added.
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Keep your crypto safe
Use a hardware wallet: A hardware wallet is a physical device that stores your cryptocurrency offline and is considered to be one of the safest options.
Enable two-factor authentication (2FA): This adds an extra layer of security to your account by requiring you to provide a second piece of information, such as a code sent to your phone, before accessing your funds.
Use a strong, unique password: Use a combination of upper and lower case letters, numbers, and symbols to create a strong password that is difficult to guess or crack.
Keep your software up to date: Regularly updating your software can help protect against potential vulnerabilities and security risks.
Be wary of phishing attacks: Phishing attacks are attempts to steal sensitive information, such as login credentials, by posing as a trustworthy entity. Be cautious of emails or messages that ask for personal information or prompt you to download a suspicious attachment.
Store your cryptocurrency in a secure, private wallet: Keep your cryptocurrency in a secure wallet and avoid storing it on an exchange for an extended period.
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