Contract vulnerability accounted for nearly 12% of all hacking incidents.
The blockchain industry has weathered several storms over its exciting growth trajectory in the past decade. Navigating through the ebbs and flows of the market, it has carved out a niche for itself, especially in the FinTech domain., the total amount of losses from blockchain-related hacks shot up to a whopping $30 billion since 2012, exposing the vulnerabilities of the underlying technology.SlowMist added that these losses were a result of 1,101 hacking occurrences over the past 10 years.
Interestingly, 2021 was also the year of the crypto market’s historic bull run. During this period, the global market cap touched all-time highs.While the total money stolen came down drastically in 2022, the number of hacking incidents surged to 308, indicating that the threat still loomed large.SlowMist also analyzed the losses by category to ascertain which market sectors were the most impacted by exploits.