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Malicious actors have been targeting cryptographic protocols and exchanges ever since Bitcoin began gaining popularity and value in 2011. However, while chain analysis shows such attacks have declined this year, they remain the leading cause of concern for crypto projects.
However, contrary to popular belief, Ethereum-based applications and tokens have not been attacked as much as other ETH “killers”, a recent study showed.
EOS: the most attacked network
According to a relationship from the Atlas VPN team provided to CryptoSlate, hackers stole over $ 13.6 billion through 330 blockchain hacks over the life of the young cryptocurrency industry.
The greatest success has been suffered by the EOS-based projects, the 13th largest blockchain network in the world. The dApps they build on the platform have suffered over 117 breaches and make up 36% of all blockchain-related breaches. The attackers caused more than $ 28.28 million in losses, about $ 241,785.8 per violation.
Next on the list are Tron dApps. Atlas researchers said cybercriminals successfully launched over 21 Tron dApp attacks, stealing $ 1.22 million or approximately $ 58,301.64 per breach in the process. This has likely caused the Tron network to fall out of favor among investors, aside from the criticisms it faces for being a “centralized” token entity.
Interestingly, Ethereum-based tokens have had the “least amount of successful hacks” of all popular blockchain protocols. However, the network suffered the maximum losses: hackers stole over $ 1.14 billion as soon as 8 breaches, indicating that while the security level is higher, the amount of funds at risk is even higher.
Poor code leading to Ethereum dApp hack
Dmytro Volkov, CTO of cryptocurrency exchange CEX.IO, told CryptoSlate that Ethereum applications, such as this year’s burgeoning DeFi market, are attracting both hype and funds to the often uncontrolled platform, itself becoming a mature target for attackers.
“Big business has begun to attract hackers and scammers who, under other circumstances, probably wouldn’t have been interested in a complex attack if there were no expectations of large profits,” Volkov noted.
He added that problems in a project’s source code were the root cause of all Ethereum-based vulnerabilities:
“Hackers have started attacking projects more actively and most dapp hacks rely on exploiting vulnerabilities that have appeared due to errors in the source code.”
However, Volkov said that the projects that survived became more resilient as they “corrected their mistakes and became an example for other projects on how to avoid such mistakes in their codes.”
Crypto exchanges, wallets and blockchains have hit hard
In addition to individual blockchains, crypto-assets have also suffered the wrath of attackers. The exchanges represent the height of such attacks, with hackers launching 87 successful attacks and collectively reaping over $ 4.82 billion in lifetime earnings.
Meanwhile, crypto wallets have been the most profitable for attackers. The data shows that just 36 breaches in the past 8 years totaled $ 7.19 billion in losses, more than $ 200 million per breach.
Finally, popular blockchains themselves have been the target of several attacks, with at least 28 successful attacks since 2012. Hackers have profited from such instances for more than $ 45.8 million, with targets including Bitcoin Gold, Ethereum Classic, and Litecoin Cash.
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