Categories: Market

DeFi exploits cost $ 12 billion, Elliptic estimates

Cryptocurrency analytics firm Elliptic has announced report A new report shows that $ 12 billion has been stolen from the DeFi sector in the past two years, most of it at $ 10.5 billion this year.

Most of it was the result of a protocol bug, a loss of $ 10 billion related to tokens that have depreciated in market value due to fraud.

Source: Elliptical

Only $ 2 billion was stolen in attacks targeting DeFi projects directly. This type of incident includes the recent attacks on Anubis DAO and Cream Finance.

Elliptic notes that $ 721 million in lost funds of this type was eventually recovered, making the category less important.

Different attack strategies and types of application

The attackers who carried out DeFi attacks used different strategies. Losses of $ 5.5 billion came from code exploitation and another $ 5.3 billion from economic vulnerabilities. Exploitation of the Admin Key vulnerability resulted in losses of $ 1 billion, while the rug pull or exit fraud amounted to only $ 18 million.

Different types of DeFi applications are sought to different degrees. Loan applications account for 34%, DEXs for 17.1%, asset management applications for 16.4% and cross-chain bridges for 13.5%.

The metric calculated by Elliptic is based on two large series. Ethereum-based DeFi applications accounted for 71% of the total at $ 8.6 billion, while Binance Smart Chain (BSC) -based applications accounted for 21% at $ 2.5 billion.

Source: Elliptical

Other estimates of DeFi attacks

Elliptic’s numbers are higher than estimates for other companies. In August, CipherTrace claimed that DeFi crime caused $ 361 million in losses in 2021 and $ 129 million in 2020.

The live data tracker from The block suggests that $ 629 million has been stolen by DeFi exploits since 2020.

These differences may suggest that Elliptic did a closer look at the DeFi grounds than its competitors. On the flip side, including the decline in token value could have increased its estimate.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Mr. Teacher

According to crypto briefing

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

CoinX

Recent Posts

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

34 minutes ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

1 hour ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

1 hour ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

2 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

3 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

4 hours ago

This website uses cookies.