Visa: Token bridges were a favored target for thieves in 2022

According to the planetary outgo supplier Visa, 2022 became a record-breaking twelvemonth for cryptocurrency thefts, with implicit $3 cardinal stolen successful on-chain thefts. Cryptocurrency span services were a favored people for menace actors. 

Visa published the biannual threats study connected March 20. On 24 pages, the papers contains information connected each sorts of violations that occurred successful the integer payments strategy globally past twelvemonth — from integrative paper fraud schemes to malware. A abstracted conception is dedicated to cryptocurrency and integer platforms.

Quick past of blockchain-based large thefts. Source: Investopedia

It pays peculiar attraction to token bridges and their vulnerability. Commonly the fraudsters exploit a span service’s astute contracts to either forge caller transactions oregon let for the support of unauthorized transactions. The full magnitude of funds, stolen via token bridges, totals $2 cardinal from January done aboriginal October 2022.

The study besides mentions a crypto-focused phishing campaign, whose actors were impersonating a crypto speech institution successful emails to harvest the victim’s relationship login data. Once the existent speech prompts the menace histrion for the two-factor authentication (2FA), helium would usage the spoofed tract to punctual the unfortunate to participate their 2FA information. And past would usage the existent 2FA from the spoofed tract to implicit the login process.

Related: ​​Visa’s crypto strategy targets stablecoin settlements

In February, it was reported that, on with its rival Mastercard, Visa would delay the motorboat of caller partnerships with crypto firms owed to high-profile bankruptcies successful the industry. However, Cuy Sheffield, caput of merchandise astatine Visa, dubbed the study inaccurate and reassured that Visa would "continue to spouse with crypto companies to amended fiat connected and disconnected ramps” and “build caller products that tin facilitate stablecoin payments.”

On Feb. 20, the Bitcoin marketplace headdress flipped the marketplace headdress of Visa for the 3rd clip successful history. By Mar. 14, the spread betwixt the 2 reached much than $20 cardinal in favour of BTC.