Cryptocurrency and Blockchain technologies have been one of the most prevalent and growing technology industries over the past few years. Threat actors have begun to see cryptocurrency as a highly profitable target for a wide range of reasons, including the ease of laundering, lack of effective testing, and the large number of holders which can be manipulated. In 2022 the total funds stolen by threat actors reached a new high, with the average cost per hack being around $24 million. Â
Throughout 2022 Cyjax tracked the main threats to cryptocurrencies, identifying some of the year’s trends and attack methodologies, and publishing findings in a series of blogs. This helped paint a picture of the main areas that cryptocurrency organisations and projects should focus on, to understand the tactics, techniques and procedures that are being used by these cybercriminals.Â
This White Paper will detail the main trends and threats identified throughout 2022 and provide some insight into the threat landscape of the cryptocurrency and Web3 space.
Cyjax is moving to a quarterly reporting format for the cryptocurrency threat landscape series. This allows for a wider breadth of trends to be observed, such that more meaningful analysis and conclusions can be drawn.Â