Hackers Stole More Than $21,000,000 From Decentralized Finance Platforms Last Month, According to DeFi Llama

Crypto hackers stole $21.41 million price of digital belongings from decentralized finance (DeFi) platforms in February, in accordance with DeFi Llama.

DeFi Llama, a complete worth locked (TVL) aggregator, notes that the exploited worth in February was a steep enhance from January, which solely witnessed about $740,000 in hacks.

Nonetheless, February’s $21.41 million whole is only a drop within the bucket in comparison with the quantity of crypto that was stolen throughout 2022. The market intelligence agency Chainalysis notes in its 2023 Crypto Crime Report that hackers stole $3.8 billion from cryptocurrency companies final 12 months, the best annual whole ever.

October 2022, specifically, was the most important single month ever for crypto hacking, with $775.7 million in digital belongings stolen throughout 32 separate assaults.

Chainalysis additionally notes that DeFi protocols have turn out to be the most important targets for hacking within the crypto house, with $3.1 billion in hacks final 12 months, greater than 82% of the whole quantity stolen in 2022. Cross-chain bridges are the most important particular targets inside DeFi, accounting for 64% of that $3.1 billion whole.

Cross-chain bridges are designed to functionally allow transfers of crypto belongings between two completely different chains.

Explains Chainalysis,

“Bridges are a beautiful goal for hackers as a result of the sensible contracts in impact turn out to be large, centralized repositories of funds backing the belongings which were bridged to the brand new chain – a extra fascinating honeypot may scarcely be imagined. If a bridge will get sufficiently big, any error in its underlying sensible contract code or different potential weak spot is nearly certain to ultimately be discovered and exploited by unhealthy actors.”

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