New York (CNN Business)A staggering $1.9 billion worth of cryptocurrency was stolen in hacks of various services in the first seven months of this year, marking a 60% increase from the same period in the year prior, according to a report released Tuesday from blockchain analysis firm Chainalysis.
The surge comes even as the value of many cryptocurrencies plunged in the first half of this year. The report attributed much of the spike to hacks on decentralized finance (DeFi) protocols. The term refers to services that attempt to replace traditional financial institutions with software that allows users to transact directly with each other via the blockchain, the digital ledger that underpins cryptocurrencies.
Some of the biggest crypto hacks of 2022 were on DeFi protocols, including the $625 million hack of video game Axie Infinity's Ronin network in March. Some of these thefts, including the Axie incident, have since been attributed to hackers associated with North Korea.
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