Hackers and scammers stole a total of US $ 670.7 million from various cryptographic protocols in the second quarter of this year, according to reports from major bug bounties and security services platforms. Immunity..
In 50 cases of both successful and semi-successful hacking attempts, the Decentralized Finance (DeFi) project lost US $ 670,698,280 in the previous quarter, the report shared. Cryptonews.com.. This figure is up almost 50% compared to the second quarter of 2021, when hackers and scammers stole US $ 440,021,559.
The report claimed that the majority of losses (almost 97%) occurred as a result of hacking. He added that 49 out of 50 instances are involved in the DeFi protocol, so black hat hackers are currently primarily targeting and exploiting DeFi projects.
BeanstalkThe decentralized credit-based stablecoin protocol is ranked number one among the top losses, with exploits losing approximately US $ 182 million.
The next top hack is Harmony Horizon Bridge, Mirror protocolWhen Fly protocol The account lost US $ 100 million, US $ 90 million and US $ 80.3 million, respectively.
This information is provided as a report by a crypto research company Chain analysis Cryptocurrency assets stolen from the DeFi protocol were found to have increased by a staggering 13.3% in 2021 to reach US $ 2.3 billion.
According to reports, DeFi hacks continue to make up the majority of all crypto hacks. For example, in 2020, 31% of the total amount of stolen ciphers came from the DeFi project, but in 2021, more than 71% of all stolen ciphers were discharged from the DeFi protocol.
“In other words, as DeFi continues to grow, there is also the issue of stolen funds,” the report said.
Glassnode Hackers have also recently shifted their focus from crypto exchange and centralized crypto platforms to DeFi projects. This is primarily because it is open source, which means that the code is publicly available.
Being open source is an important aspect of DeFi because it allows anyone to validate your code. However, it also allows a malicious attacker to look for loopholes and exploit the breach.
Kate Kurbanova, Co-Founder and COO of Risk Management Platform ApostropheExplained that the growing popularity of DeFi is attracting “new developers” to this area. As a result, “protocols with similar business models and code bases have proliferated significantly, demonstrating a very common tendency for everything to be audited. Other security measures that can adequately protect the platform from attacks. . “
In the comments Cryptonews.comKurbanova insisted on it,
“As Immunefi points out, the continuous increase in hacking is easy. Hackers aren’t smart. They just take advantage of the loopholes that exist in the protocol and reject due diligence at boot time and beyond.”
Hackers never leave the space “given that it’s easy to get a payday.” She doesn’t have a one-size-fits-all solution, but in the end, “it’s the DeFi innovator’s responsibility to come up with the right thing,” she said. A risk management system that helps protect investors and users in full, “said Kurbanova.
“Implementing an upper limit on liquidity can be a very good approach if properly channeled. AaveV3 is being billed as a pioneer in this new model. Combined with inbound protocol transaction monitoring, you can discover potential threats to the DeFi and Web3 protocols, respectively. “
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(Updated at 15:29 UTC: “Immunifi” has been replaced with “Immunefi” as the correct name for the company.)