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Visa Reports Record Hacker Attacks on Cryptocurrency Projects in 2022

According to data from Visa, one of the world’s largest payment systems, the year 2022 witnessed an unprecedented surge in hacker attacks on cryptocurrency projects.

The hackers seemed to target inter-network bridges the most, as they proved to be the most vulnerable and lucrative.

In a recent study on digital payment infrastructure, Visa analysts dedicated an entire section to the hacking of cryptocurrency projects.

They found that hackers were attracted to bridge vulnerabilities as a successful attack could give them access to significant resources.

Over the course of January to October 2022, hackers managed to steal assets worth more than $2 billion from inter-network bridges.

Attack vectors were quite standard, with hackers exploiting vulnerabilities to either create new transactions or confirm unauthorized transactions.

Phishing campaigns were also popular, where attackers sent fake emails from cryptocurrency exchanges to victims.

If the user followed the link and logged in, the attackers could steal the user’s data, including codes for two-factor authentication.

Once the attackers had access, they withdrew all the victim’s funds from the exchange account. Earlier this year, Bits.Media published an extensive article on the most targeted areas of hacker attacks in the cryptocurrency industry.