Fewer people are being tricked into cryptocurrency scams in 2022, but dangerous crypto hacks are on the rise, a new report finds.
A recent report from Chainalysis found that while illicit activity has dropped overall, the average hides major spikes in specific types of crimes. One reason for the rise in crime is the targeting of blockchain bridges.
Blockchain bridges, which connect networks to enable cryptocurrency trades, are getting more popular among crypto users to transact. By doing so, the users are bypassing a centralized exchange and using a system that is largely unprotected.
Investors have lost a total of $1.4 billion to crypto hacks since the start of 2022, the report said. The amount of money stolen in blockchain bridge heists accounts for 69% of funds stolen in crypto-related hacks so far this year. Read more.