Top 10 Largest Crypto Hacks of 2022 and How They Happened

2022 has seen a record high of over $2 billion stolen in Cryptocurrency hacks so far, making it a 60% increase from the previous year. Furthermore, several significant hacks took place during the bear market after the value of most coins dropped by about half, so the potential damage is even more extensive.

But why was 2022 such a prolific year for crypto hackers and why did those hacks happened in the first place? In this article we will be looking at the biggest hacks of 2022 and why they happened in the first place.

#10 Crypto.com | $35 million

January 17

International exchange Crypto.com was the victim of a 2FA exploit during the first month of this year. The attacker was able to exploit and bypass the exchange’s 2FA system, and was able to directly extract over $35 million in cryptocurrency from end-users.

According to crypto.com, a total of 483 digital wallets were affected. The damage from this attack could have been far greater as Crypto.com stated that it prevented most unauthorized withdrawals. Crypto.com requires all of its users to confirm withdrawals by using 2FA authentication, however the hack completely bypassed this measure. The exchange never commented on how this was possible in the first place.