Roundup of crypto hacks, exploits and heists in 2020

Roundup of crypto hacks, exploits and heists in 2020

2020 has been the year of DeFi, but not all has gone smoothly with the fledgling financial ecosystem. Unlike in previous years, crypto news in 2020 has not been dominated by major exchange hacks and million dollar Bitcoin thefts. However, there have still been quite a few and most of them have originated from the nascent decentralized finance sector.DeFi has been one of the main drivers of crypto market momentum in 2020 and it stands to reason that the emerging financial landscape has been a magnet for scammers and hackers. Largely unaudited smart contracts coupled with cloned code have....


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Smart contract exploits are more ethical than hacking... or not?

What is certain is that exploits only get points for being less disastrous than their counterpart. There has been a lot of talk about the recent “hacks” in the decentralized finance realm, particularly in the cases of Harvest FInance and Pickle Finance. That talk is more than necessary, considering hackers stole more than $100 million from DeFi projects in 2020, accounting for 50% of all hacks this year, according to a CipherTrace report.Related: Roundup of crypto hacks, exploits and heists in 2020Some point out that the occurrences were merely exploits that shined a light on the....

The impact of Bitcoin hacking incidents in the crypto market

Studying the question of how Bitcoin hacking incidents affect the uncertainty in the overall crypto market. In the 2013–2017 period, 29 hacks occurred in the Bitcoin market where a total of 1.1 million Bitcoin were stolen. Noting that the average price for Bitcoin (BTC) in December 2020 exceeded $20,000, the corresponding monetary equivalent of losses is more than $22 billion, which strongly highlights the societal impact of this criminal activity. What did crypto exchanges do to address this problem? Nowadays, about 90% of exchanges use some kind of cold storage system, which means that....

How do DeFi protocols get hacked?

An analysis of several dozen hacks identifies the main vectors and typical vulnerabilities in the decentralized finance sector. The decentralized finance sector is growing at a breakneck pace. Three years ago, the total value locked in DeFi was a mere $800 million. By February 2021, the figure had grown to $40 billion; in April 2021, it attained a milestone of $80 billion; and now it stands at above $140 billion. Such rapid growth in a new market could not but attract the attention of all manner of hackers and fraudsters.According to a report by crypto research company, since 2019, the....

Ciphertrace Report Shows Crypto Crime Moving to Defi

Ciphertrace, a blockchain analytics company, has announced that crypto-related crimes have moved to the realm of decentralized finance (defi) apps and protocols. Now, the impact these hacks and exploits represent is way bigger than the one classic hacks to centralized exchanges and other scams do, according to their latest “Cryptocurrency Crime and Anti-Money Laundering Report.” Ciphertrace: Crime Moves to Defi Ciphertrace, one of the biggest cryptocurrency crime and blockchain analytics companies, has found that most of the crypto-related crimes have now moved to decentralized....

Bitcoin Reddit Roundup – August 2020

Every month, Bitcoin Magazine puts together a short recap of this months events as told through the best links from Bitcoin Reddit. Check out our August 2020 roundup! The post Bitcoin Reddit Roundup – August 2020 appeared first on Bitcoin Magazine.