Hackers Stole $44 Billion From Cryptocurrencies, DeFI Platforms Since June 2021 – Report

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Latest report from Acronis, a global leader in cyber protection, has revealed that cybercriminals are now focusing more on cryptocurrencies and decentralized finance (DeFi) platforms.

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Through these attacks, Acronis said hackers have stolen more than $60 billion in DeFi currency since 2012, while $44 billion of that amount was stolen during the last 12 months, that is from June 2021 to June 2022.

In the mid-year cyber threats report, conducted by Acronis’ Cyber Protection Operation Centres, the cybersecurity company disclosed that the hackers perpetrate their crime by exploiting flaws in smart contracts or stealing recovery phrases and passwords with malware or phishing attempts.

Through these, it said the hackers have wormed their way into crypto wallets and exchanges.

Hackers Stole $44 Billion From Cryptocurrencies, DeFI Platforms Since June 2021 – Report

The report also details how ransomware continues to be the number one threat to large and medium-sized businesses, including government organizations, and underlines how over-complexity in IT and infrastructure leads to increased attacks.

The mid-2022 cyber security report further reveals that: “Nearly half of all reported breaches during the first half of 2022 involved stolen credentials, which enable phishing and ransomware campaigns.

“To extract credentials and other sensitive information, cybercriminals use phishing and malicious emails as their preferred infection vectors.

Nearly one per cent of all emails contain malicious links or files, and more than one-quarter (26.5%) of all emails were delivered to the user’s inbox (not blocked by Microsoft365) and then were removed by Acronis email security.”

The research reveals how cybercriminals also use malware and target unpatched software vulnerabilities to extract data and hold organizations hostage.

“Further complicating the cybersecurity threat landscape is the proliferation of attacks on non-traditional entry avenues.

Attackers have made cryptocurrencies and decentralized finance systems a priority of late. Successful breaches using these various routes have resulted in the loss of billions of dollars and terabytes of exposed data.