EOS Suffered The Most Crypto Hacks, Not Ethereum Dapps: Report

According to the latest reports, it seems that EOS suffered the most crypto hacks and not Ethereum dapps as many believed. Malicious actors targeted crypto protocols and exchanges since Bitcoin started to gain in value and popularity. However, the analysis shows that these attacks dropped this year but they remain the leading cause of concern for crypto projects. In our EOS news, today, we find out more about them.

Contrary to popular belief, Ethereum-based applications and tokens were not the most attacked since EOS suffered the most, according to a recent study. Atlas VPN provided a study that shows hackers stole over $1.6 billion through 330 blockchain hacks over the lifetime of the crypto industry. The biggest hut has been on EOS which is the 13^th biggest blockchain network. Dapps building on the platform suffered over 117 breaches and made up of 36% of all blockchain-related breaches. Attackers caused over $28.28 million in losses which reach up to $241,785 per single breach.

Following up is TRON. Atlas researchers said that the cybercriminals launched over 21 successful TRON dapp attacks and stole more than $1.22 million per breach. This aspect arguable caused the TRON network to fall out of favor among investors apart from the criticism that it faces that it is actually a centralized token entity. Ethereum-based tokens had the least amount of “successful hacks” among all popular blockchain protocols. The network, however, suffered the maximum losses as Hackers stole over $1.14 billion in just 8 hacks, indicating that while the security level is higher, the amount of funds at risk is higher.

Dmytro Volkov, the CTO of CEX.io, said that Ethereum applications with this year’s booming Defi market, attract both hype and funds to the oft-unaudited platform which eventually made it become a target for attackers:

 “Large capital began to attract hackers and fraudsters who, under other circumstances, would probably not have been interested in a complex hack if there was no expectation of large profits. Hackers began to attack projects more actively, and most of the dapp hacks are based on exploiting vulnerabilities that appeared due to errors in the source code.”

Volkov stated that the projects did survive and became more resilient since they were quick to correct their mistakes and become an example for other projects on how to avoid these mistakes in their codes. At last, popular blockchains were the target of several attacks as well with as many as 28 successful attacks since 2012. The hackers netted $45 million from these attacks with targets including Ethereum Classic, Litecoin Cash, and Bitcoin Gold.