Defi needs security!
DeFi exploded in popularity in 2020 — and so did stealing from DeFi platforms. In all, there were 15 hacks of DeFi platforms amounting to $120 million funds being stolen.
Hackers nabbed bounties ranging from $135,000 and $25 million, according to The Block Research. Only $45.6 million was recovered.
One protocol — bZx — was exploited twice in February via a contract bug that let the hacker execute a flash loan attack that netted around 1,200 ETH.
The DeFi hack with the largest stolen sum was Lendf.me’s $25 million attack. A reentrancy attack vector allowed a hacker…
The decentralized finance market (DeFi) has been one of the most explosive trends in the crypto industry since the ICO boom of 2017. Crypto-assets locked away in DeFi protocols over 2020 have increased by a staggering 1,740%, from $676 million to a peak of $12.44 billion — according to figures from Defipulse.
This dramatic rise in value held on the market coupled with the fact that all DeFi platforms are largely run autonomously has made it a vulnerable, lucrative target for malicious hackers.
The research we’ve conducted at Hacken shows there have been at least 11 high-profile security breaches including the…
Decentralized finance platforms on the Ethereum network have lost about $285 million to rogue actors since 2019.
Decentralized finance’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.
Almost half of the DeFi hacks covered in the Messari report were flash loan attacks, providing further evidence…