More Than $1.6 Billion Has Been Exploited From DeFi Since 2022
So far this year, the decentralized finance (DeFi) field has been plagued by hacks, exploits, and scams, with over $1.6 billion in crypto stolen from customers, exceeding the total amount taken in 2020 and 2021 combined.
On May 2, data from blockchain security company CertiK revealed that the month of March had the most value stolen, with $719.2 million, more than $200 million more than the total value stolen in 2020. The Ronin Bridge attack, which resulted in the loss of over $600 million in cryptocurrency, is largely responsible for the March figure.
April was a busy month for cyber-attacks, with CertiK reporting 31 large occurrences, or roughly one every day. The $182 million stolen from Beanstalk Farms via a flash loan attack was the most valuable.
CertiK highlighted the nearly $80 million stolen by Fei Protocol, the second most valuable heist of the month, and the $10 million stolen by automated market maker protocol Saddle Finance, both of which occurred at the end of the month.
Both protocols used Twitter to offer a bounty to their respective attackers in exchange for the recovery of stolen funds. While the chances of it happening are minimal, it’s not unheard of; in 2021, a hacker on the Poly Network returned nearly all of the $610 million stolen from the network while also refusing a $500,000 payout.
According to CertiK, the month of April 2022 “holds the record for the biggest dollar amount losses in flash loan attacks ever recorded by us,” with losses totaling $301.4 million. In comparison, the aggregate losses from flash loan attacks in January, February, and March 2022 were only $6.7 million.
According to DeFiLlama, the total value locked (TVL) in DeFi has dipped below $200 billion for the first time since March 16, and the analysis of this year’s DeFi exploits comes as the total value locked (TVL) in DeFi has dropped below $200 billion for the first time since March 16.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
Author
News
More Than $1.6 Billion Has Been Exploited From DeFi Since 2022
So far this year, the decentralized finance (DeFi) field has been plagued by hacks, exploits, and scams, with over $1.6 billion in crypto stolen from customers, exceeding the total amount taken in 2020 and 2021 combined.
On May 2, data from blockchain security company CertiK revealed that the month of March had the most value stolen, with $719.2 million, more than $200 million more than the total value stolen in 2020. The Ronin Bridge attack, which resulted in the loss of over $600 million in cryptocurrency, is largely responsible for the March figure.
April was a busy month for cyber-attacks, with CertiK reporting 31 large occurrences, or roughly one every day. The $182 million stolen from Beanstalk Farms via a flash loan attack was the most valuable.
CertiK highlighted the nearly $80 million stolen by Fei Protocol, the second most valuable heist of the month, and the $10 million stolen by automated market maker protocol Saddle Finance, both of which occurred at the end of the month.
Both protocols used Twitter to offer a bounty to their respective attackers in exchange for the recovery of stolen funds. While the chances of it happening are minimal, it’s not unheard of; in 2021, a hacker on the Poly Network returned nearly all of the $610 million stolen from the network while also refusing a $500,000 payout.
According to CertiK, the month of April 2022 “holds the record for the biggest dollar amount losses in flash loan attacks ever recorded by us,” with losses totaling $301.4 million. In comparison, the aggregate losses from flash loan attacks in January, February, and March 2022 were only $6.7 million.
According to DeFiLlama, the total value locked (TVL) in DeFi has dipped below $200 billion for the first time since March 16, and the analysis of this year’s DeFi exploits comes as the total value locked (TVL) in DeFi has dropped below $200 billion for the first time since March 16.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
Other Posts
Related Posts
Latest
What Is Dan Bilzerian Net Worth In 2024: Inside The King of Instagram’s Wealth
‘$333 Minimum’ Analyst Forecast Parabolic Run for the XRP Price, Competitor to Closely Chase its Gains
5 Best Crypto Coins for November 2024: Experts Picks for Early Investors
Press Release
5 Best Crypto Coins for November 2024: Experts Picks for Early Investors
From $0.0212 to $0.25: Why This Is the Best Crypto to Buy This Week Amid Bhutan’s $33M BTC Sale and 31% Surge in LTC Holdings
