OODA Loop - Over $3 Billion Stolen In Crypto Heists: Here Are The Eight Biggest

Pretty much everywhere you looked in crypto and blockchain last year there was some glaring problem. But ultimately falling crypto prices or company bankruptcies aren’t the worst problem for digital assets. Beyond the billions of dollars lost from the collapse of the TerraLUNA3 stablecoin and the failures of crypto financial firms CelsiusCEL Network, Voyager Digital and FTX Trading, more than $3 billion was outright stolen in 125 hacks, accordinging to Chainalysis. Trust is essential to any new financial system and all of the hype and promise surrounding “immutable” ledgers and cutting out the middlemen has done little to slow down the den of thieves that has plagued crypto markets since its inception. In 2022, the five top steals accounted for $1.48 billion of the purloined funds, all involving decentralized finance (DeFi), which comprised 49% of the overall total. Despite the fact that protocols are praised for their transparency, they lost 75% of total value locked over the last 11 months, according to blockchain analytics firm Elliptic. Data from decentralized finance dashboard DeFi Llama shows that total value locked in DeFi protocols shrank from 166.58 billion in the beginning of the year to $39 billion in mid-December.

Full report : Over $3 Billion Stolen In Crypto Heists: Here Are The Eight Biggest.

OODA has been compiling a comprehensive Web3 incident database based on our research to categorize what compromises are taking place as well as document the root causes that plague Cryptos, DeFi, NFTs, and Web3 in general. Tracking root causes provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks. You can access the OODA comprehensive Crypto Incident tracker here.