Synopsis
In 2021 cryptocurrency surpassed $1 trillion in total market value for the first time (1). Along with that legitimate growth, the raw value of illicit transaction volume reportedly reached its highest level ever (2). Threat actors are homing in on Decentralized Finance (DeFi) as a source of profit. In this report, EclecticIQ analysts identify the attack patterns emerging in cyberattacks that have produced the highest returns. The analysis identifies areas subject to repeating attack patterns, where security resource development will be most effective.
In 2021 cyberattacks produced approximately $3.2 billion USD in stolen cryptocurrency assets. The current total estimated value of stolen funds sitting in wallet addresses is over $10 billion (2, 3). During 2021, the total stolen in cryptocurrency assets increased 1330% from 2020, when an estimated $160 million worth of cryptocurrency was stolen, and the 2020 total represents a 335% increase over the 2019 total stolen. Many of the largest attacks took place since the start of the COVID-19 pandemic, when users began adopting cryptocurrency at much higher rates. 2021 saw a 912% jump in DeFi transaction volume (1, 4). As DeFi systems increase assets, the risk and impact of these attack vectors increases. An analysis of the largest cyberattacks against decentralized finance platforms provides strategic value by describing the Tactics, Techniques, and Procedures (TTPs) that are the most impactful and popular attack…
