Hackers stole record $4 billion in cryptocurrency last year

LTC Eugene Chu
..."The number of crypto hacks "ebbed and flowed" in 2022 with big spikes in March and October, Chainalysis said. October was "the biggest single month ever for cryptocurrency hacking" with 32 attacks totaling $775.7 million lost, according to the report.

Hackers have focused their activities on decentralized finance, or DeFi, platforms, which were tied to 82% of stolen funds last year, Chainalysis said. Criminals typically strike when crypto investors are using a so-called "cross-chain bridge" to transfer funds from one blockchain to another.

The biggest hack from October took place when someone looted $586 million in crypto from a cross-chain bridge owned by Binance. The company acknowleged the hack and said its security officers "were able to minimize the loss."

Bad actors can exploit DeFi platforms because some crypto companies haven't prioritized security, said David Schwed, the chief operating officer at blockchain security firm Halborn.

"A big protocol should have 10 to 15 people on the security team, each with a specific area of expertise," Schwed said in Chainalysis' report. "The DeFi community generally isn't demanding better security — they want to go to protocols with high yields. But those incentives lead to trouble down the road."

I thought that "block" chain technology was invented to block things like this from happening?

That's where the meat is... Isn't that obvious?