Are cryptocurrencies still safe?: Hackers loot +$3 billion in 2022

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2022 comes with a record in terms of crypto hacking, leaving traders wondering whether they should reevaluate their investments or not.


Are cryptocurrencies still safe? Hackers loot +$3 billion in 2022

This adds to the anxiety stirred by the past months’ price downfalls, which seem inevitable in the context of the growing inflation.

Are cryptocurrencies still safe? There are many factors involved, so let’s break them down, and see how viable the crypto market will be in the near future:

What happened?

October is now registered as the month with the highest stolen cryptocurrency amount in 2022, exceeding $718 million. This was achieved through eleven distinct hacks.

So far this year, all crypto thefts have accumulated +$3 billion, with most funds being stolen from DeFi protocols.

Hackers seem to focus particularly on cross-chain bridges, which involve a technology that allows asset transfer between blockchains. Three were already breached in October, generating losses of almost $600 million in total.

According to Chainanalysis, around $1 billion were stolen by North Korea-affiliated groups from DeFi protocols earlier in 2022. The frequency of cyber-attacks may intensify the already existing issues within the crypto market, and some think a crash should be expected.

The most vulnerable points in the crypto market

Fund losses in the crypto market have been mostly caused by:

  • Unreliable trading platforms, as was the case with QuadrigaCX. The company’s CEO used his clients’ assets wrongfully without being detected, ultimately leading to the business’s downfall;
  • Private key attacks. A private key allows the user to access their own funds, and perform transactions. These can be hacked in several ways (for instance, through side channels or by finding vulnerabilities in algorithms);
  • SIM swap attacks, which involve manipulating the user’s device to complete the two-authentication process.

How safe are cryptocurrencies now?: 5 steps to increase safety


Blockchains are almost impossible to hack, but the crypto-related platforms outside of the blockchain aren’t.

To make an informed choice regarding investing, you should be aware of the methods you can use to maximize your safety against hacks and their effects:

  • Use a cold wallet: These are physical wallets, and since they can’t be connected online, they cannot be hacked. However, you need to keep your private key safe, as you’ll be unable to access the wallet’s contents otherwise;
  • Use a paper wallet: Generated online, paper wallets allow you to print your private keys and addresses, after which all private keys are deleted from the online network;
  • Don’t keep your funds on digital exchanges since all of them are prone to being hacked;
  • Secure all your devices with extensive authentication steps, firewall protections, antivirus programs, and a reliable notification system;
  • You can use two wallets to divide your funds. For instance, many investors choose to have one cold wallet where they keep all the coins that aren’t used in day-to-day transactions.

Are online casinos hacked as easily as crypto exchanges?

An overwhelming number of crypto investors are also gamblers, which is why fears expand beyond the dangers of digital exchanges.

However, the two differ widely when it comes to cryptocurrencies: the most important aspect that should be considered is that crypto casinos aren’t targeted by hackers, but digital exchanges are.

As a result, no casino has ever registered cryptocurrency-related thefts or hackings until 2022.

Another distinction is related to refunds. In the case of hacking, digital exchanges don’t normally give back your coins due to several reasons, such as lack of regulation.

On the other hand, crypto casinos have more user-oriented policies that often involve providing refunds under such exceptional circumstances.

Since the gambling field is regulated, crypto casinos are subject to constant third-party audits that ensure legal compliance in terms of safety and security, so their users benefit from more protection than those of digital exchanges.

How to pay safely with crypto at online casinos


Even though crypto casinos are safer than digital exchanges, you still have to take precautions if you want your funds to remain under your full control.

Here’s what you can do:

  • If you’re just getting started, try to find slot sites operators that provide promotions. This way, users can get accustomed to the platform and check whether it’s reliable or not without using their own funds (at least not entirely);
  • Make sure the platform you gamble on is regulated by a trustworthy gambling authority, such as the UK Gambling Commission;
  • Use a secure crypto wallet to perform payments, and double-check the legitimacy of the website you create it on.


While cryptocurrencies have become a controversial topic due to the latest hackings, there are still things you can do to keep safe from losing your coins. For instance, concerned users who don’t want to take any risks can easily use cold wallets for increased protection.

However, it’s crucial to conduct research on your own. The only way to avoid or overcome fraud is by being informed and well-prepared ahead of time.

If you meet this requirement, your experience in the crypto market should remain pleasant, at least in the foreseeable future.


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