Infrastructure Attacks & Code Exploits Account For Almost 90% Of Crypto Stolen In 2022

While the crypto industry has achieved significant
success in recent years, it’s still facing multiple
security issues. Unfortunately, many crypto investors have
fallen victim to these attacks and scams, including
infrastructure attacks and code

Infrastructure attacks typically target the
various nodes of a blockchain network, including crypto
wallets, essential in confirming crypto transactions. On the
other hand, code exploits involve hackers looking for
loopholes in the different codes of software and smart

According to,
2022 saw the most crypto attacks, with almost 90% of digital
assets stolen. About $2
trillion is speculated to have been lost to

The site’s financial analyst, Edith Reads,
comments, “Crypto investors have been hit hard with major
losses over these hacks. Crypto exchanges will have to be on
guard and improve their security measures to mitigate the
risk and reassure investors of the safety of their

The Overview of Stolen
Assets in 2022

Last year, hackers were keen to attack
infrastructure bridges on Blockchain networks. These bridges
connect different networks allowing the transfer of digital
tokens. Sadly, a whole $1.4
billion was lost to these hackers on bridges.

major infrastructure attack was the hack on Ronin, a
sidechain bridge for the game Axie Infinity that saw over $615
million stolen. Hackers created private keys that
allowed them to fake transactions and take most of the

Another major attack was on Solana’s bridge,
Wormhole, which nearly lost over $326million.
Luckily, Wormhole was able to resume its normal operations
just six hours after the attack, with help from its parent

Another bridge attack was on the Nomad.
Hackers pinched out a whole $190 million after taking
advantage of an upgrade installation. Unfortunately, only
$22 million was recovered, throwing many crypto holders in a

Moreover, crypto wallets, a key component in
Blockchain infrastructure, were not left behind as several
crypto wallets were hacked. Before its collapse, FTX saw a
loss of about $446
million, from its wallets leaving many crypto investors
in peril.

Code exploits saw too many crypto thefts in
2022. For instance, about $600 million in digital assets
were lost on the Poly Network over a code

What Measures Have
Crypto Exchanges Taken Since 2022?

The major hacks
and failures in 2022 shook the entire crypto industry.
It’s no surprise major crypto exchanges took an interest
in cold wallets. Cold wallets allow users to store their
private keys offline and secure their segregated assets away
from interference or theft. Binance is at the forefront of
developing cold storage with the establishment of Binance
Mirror. The mirror allows users to access their cold wallets
and other crypto products.

Several crypto exchanges
have also prioritized verification and authentication
systems. The 2FA or 3FA systems allow users to confirm their
identity, and deter unauthorized access and loss of crucial

The massive loss of digital tokens to hackers
is a testament to the work that still needs to be done.
Crypto exchanges and investors need to consider new and
better ways to improve crypto trading and security. The
measures taken will be key in shaping the future of the


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