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Evening Standard
Evening Standard
Business
Simon Hunt

£1.6 billion in cryptocurrency stolen as hackers exploit coding flaws

Hackers took some £150 million from crypto project Nomad Bridge at the start of August

(Picture: REUTERS)

A record £1.6 billion worth of cryptocurrency has been stolen in hacks of services in the year to July 2022 as organised online criminals and nefarious state actors exploit vulnerabilities in decentralised finance.

The sums are around 60% higher than for the same period a year ago, according to data from blockchain platform Chainalysis, and stand in stark contrast to overall criminal activity online, which is down 15%, and online scam revenue, which fell 65%.

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