Q3 Crypto Hacks Near $1.2B as Bitget, Liquid Exploits Mount

Surging Hack Value in Q3

Crypto hacks are on pace to exceed $1.2 billion in the third quarter, fueled by recent exploits at Bitget and Liquid. The escalating figure underscores persistent security risks within the digital asset ecosystem.

Supply Chain Vulnerabilities Dominate

According to a report by Hacken, approximately 77% of the total losses during the quarter stemmed from compromised suppliers, developer tools, and infrastructure components that lacked adequate security audits. This highlights a critical vulnerability: the reliance on third-party services and the potential for cascading failures when those services are breached.

Bitget and Liquid Among Largest Losses

The Bitget hack, which saw approximately $9.2 million drained from hot wallets, and the Liquid exchange exploit contributed significantly to the rising total. These incidents, along with others targeting various protocols and platforms, demonstrate the diverse attack vectors employed by malicious actors. The focus on external dependencies suggests a need for more rigorous vetting and security practices throughout the crypto industry’s supply chain.

Source: Cointelegraph