DeFi hacks and exploits total $285M since 2019, Messari reports
Decentralized finance platforms on the Ethereum network have lost about $285 million to rogue actors since 2019. Decentralized finan’s rising popularity since 2019 has seen the emerging market segment become a target for hackers and opportunistic profiteers.According to a report by crypto research company Messari, DeFi protocols have lost about $284.9 million to hacks and other exploit attacks since 2019. This figure is about 0.65% of the adjusted total value locked of the Ethereum-based DeFi market, according to data from DappRadar.In February Messari calculated that over $284 million in....
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While 2021 was the biggest year on record for crypto hacks, 2022 could “likely” beat the record “at this rate” according to Chainalysis. Blockchain analytics firm Chainalysis has labeled October 2022 as “the biggest month in the biggest year ever for hacking activity” with the total hacked value for the month nearly reaching $718 million.Despite not being more than halfway through the month, Chainalysis said 11 different hacks on decentralized finance (DeFi) protocols had seen hundreds of millions exploited.Four exploits alone took place on Oct. 11 worth around $122 million. Hackers....
DeFi exploits have been the order of the day since the space began to gain prominence. For a relatively new space, this is not surprising that protocols have succumbed to exploits. However, the pace and the number of exploits that have since been hacked have been alarming. 2021 saw a new record in funds stolen […]
DeFi is one of crypto's biggest growth stories, but it's also riddled with the most controversy. The sector lost $1.3 billion due to exploits in 2021. Decentralized finance, better known as DeFi, may not be “decentralized” enough as attackers exploited centralized weak points to drain users of billions of dollars in 2021, according to research from blockchain security firm CertiK. In a new report on the state of DeFi security in 2021, CertiK researchers said “centralization issues were the most common attack vector” within decentralized finance. The blockchain security firm cited 44 DeFi....
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....
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....