Stock image: Criminal stealing bitcoin

The value of funds lost to cryptocurrency hacks has soared this year, as decentralized-finance (DeFi) protocols have become an easy target for attackers, according to a report from blockchain analysis firm Chainalysis.

Around US$1.9 billion worth of digital tokens have been stolen in hacks this year through July, up 58 percent from the same period of 2021, Chainalysis reports.

“This trend doesn’t appear set to reverse any time soon, with a $190 million hack of cross-chain bridge Nomad and a $5 million hack of several Solana wallets already occurring in the first week of August,” the report says.

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