According to a recent research from blockchain network monitoring company Chainalysis, hacking of various services resulted in the theft of $1. 9 billion in cryptocurrencies in the first seven months of this year, a 60% rise over the same period last year.
The report attributed much of the rise to the penetration of decentralised finance protocols, which refers to services that try to replace traditional financial institutions with software that allows users to deal directly with each other via Block chains or blockchain. The rise occurred despite the value of many cryptocurrencies declining in the first half of this year.
DeFi protocols were used in some of the major crypto breaches of 2022, such as the $625 million Ronin hack of the computer game Axie Infinity in March.
Bitcoin worth two billion dollars was stolen in just seven months.
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