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# Crypto market has so far lost $718 million to cyber attacks in October 2022 alone
- URL: https://www.techloy.com/crypto-market-loss-cyber-attacks-in-october-2022/
- Published: 2022-10-14T12:05:52.000Z
- Updated: 2022-10-14T12:05:52.000Z
- Author: Emmanuel Oyedeji
- Tags: / Cybersecurity, / Crypto

Hackers are targeting several decentralized finance (DeFi) protocols in a series of cyber attacks this October that has seen the crypto market losing over $718 million to crypto-related theft with just two weeks remaining before the end of the month.

So far in 2022, crypto theft has reached $3 billion across 125 hacks and is likely to surpass the $3.2 billion stolen in 2021, as the biggest year for crypto-related hacks on record, according to *Chainalysis*.

"Cross-chain bridges remain a major target for hackers, with 3 bridges breached this month and nearly $600 million stolen, accounting for 82% of losses this month and 64% of losses all year", *Chainalysis* mentioned in tweet.

Cross-chain bridges are protocols that enable users to transfer their tokens from one network to another, a channel that connects two blockchains and allow users to transfer tokens, utilize smart contracts, exchange data, and employ other functionalities of interoperable chains. 

If poorly protected, these protocols become low-hanging fruit for hackers, who make easy pickings of their too-easily accessed lock.