Cointelegraph Consulting: Recounting 2021’s biggest DeFi hacking incidents
A total of 169 blockchain hacking incidents have taken place in 2021, with nearly $7 billion in funds lost. Compound Finance is just one of the latest victims of DeFi hacking incidents in 2021. On Sept. 30, its errant token distribution bug within the Proposal 062 exposed a flaw in which $70 million–$85 million in excess COMP tokens were wrongly distributed to users. Yet, an extra $65 million was placed in a vulnerable vault a few days later, resulting in at least $150 million in COMP tokens at risk. But, while Compound was able to remedy the entire situation, it shows how vulnerable the....
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The ongoing hype about the abnormally high returns from Defi tokens has naturally seen many more investors moving funds to decentralized protocols. As of October 10, total value locked in Defi protocols was nearly $11 billion. However, despite this apparent endorsement of Defi, rug pulling incidents and outright scams now seem to be blighting this space. News.bitcoin.com has been reporting on the growing popularity of Defi protocols as well as exposing the fact that some devs and founders wilfully engage in practices that harm interests of the burgeoning Defi community. SBF’s Actions....
LeakedSource publishes stolen data from BitcoinTalk and BTC-E hacking incidents in the past two years. Hacking incidents are not unheard of, especially in the Bitcoin sector. The frequency of reports on Bitcoin exchanges being compromised is on an increase. However, the extent of damage is not always clear, except in cases where the targetted platform decides to divulge the details in the name of transparency. Sometimes it takes years before the user gets to know the full story. LeakedSource, a website that keeps track of stolen user information has published information about the security....
The DeFi space crashed along with the rest of the market on May 19, but the liquidations mechanisms passed the biggest stress test. The savage sell-off that took place in mid-May fueled volatility in markets and triggered liquidations among numerous decentralized finance protocols. Like an earthquake, the market fall exacerbated the biggest wave of liquidations in DeFi history. The market experienced a higher amount of liquidation on May 19 than in the past two years in the DeFi space. As part of the Market Insights bi-weekly newsletter, Cointelegraph Consulting teamed up with Covalent to....
Cointelegraph Consulting releases some trends and insights featured in their “DeFi Adoption 2020: A Definitive Guide to Entering the Industry.” The majority of DeFi projects believe the industry is far away from maturity, but they are sure that mainstream adoption is likely to occur. This was disclosed on Sept. 21 when Cointelegraph Consulting released the results of a DeFi survey in “DeFi Adoption 2020: A Definitive Guide to Entering the Industry.”The survey showed that 48% of the top projects in the DeFi space expect mainstream adoption to arrive after three to five years, while 8%....
The Australian press has questioned the decision of ASX to implement blockchain technology in the light of recent Bitfinex security breach. The Bitfinex security breach, which closely followed the hacking incidents faced by Shapeshift and Gatecoin has shaken the finance community. With so many financial institutions currently invested in Blockchain technology, they fear that they may be next to face such security threats. Technology platforms get hacked occasionally, thanks to cyber criminals who are constantly trying to make a quick buck at others’ expense. While security issues faced by....