Ethereum
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ETH · 4w

No, Ethereum dApps have not suffered the most crypto hacks (it’s EOS)

Malicious actors have targeted crypto protocols and exchanges ever since Bitcoin started to gain in both popularity and value back in 2011. However, while on-chain analysis shows such attacks have declined this year, they remain the leading cause of concern for crypto projects.

However, contrary to popular belief, Ethereum-based applications and tokens have not been attacked as much as other ETH “killers,” a recently held study showed.

EOS: The most attacked network

As per a report by the Atlas VPN team provided to CryptoSlate, hackers have stolen over $13.6 billion through 330 blockchain hacks over the lifetime of the young crypto industry.

The biggest hit has been suffered by projects building on EOS, the world’s 13th-largest blockchain network. dApps building on the platform have suffered over 117 breaches and make up 36% of all blockchain-related breaches. Attackers have caused over $28.28 million in losses, approximately $241,785.8, per single breach.

Image: Atlas VPN

Next on the list are Tron dApps. Atlas researchers said cybercriminals have launched over 21 successful Tron dApp attacks, stealing $1.22 million or around $58,301.64 per breach in the process. This aspect has arguably caused the Tron network to fall out of favor among investors — apart from the criticism it faces from being a “centralized” token entity.

Interestingly, Ethereum-based tokens have had the “least amount of successful hacks” among all popular blockchain protocols. However, the network has suffered the maximum losses: Hackers have stolen over $1.14 billion from just 8 breaches, indicating that while the security level is higher, the amount of funds at risk is even higher.

Poor code leading to Ethereum dApp hacks

Dmytro Volkov, CTO of cryptocurrency exchange CEX.IO, told CryptoSlate that Ethereum applications, such as this year’s booming DeFi market, attract both hype and funds to the oft-unaudited platform, in turn becoming a ripe target ...

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