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- The sum exploited this year so far crosses the total sum bagged during 2020 and 2021 combined, with March alone pushing 2020 behind by more than $200 Million.
- Research from Certik, a blockchain security organization unveiled metrics on Monday, stating that March inflicted a damage worth $719.2 Million.
- Research regarding this year’s DeFi attacks comes as TVL (Total Value Locked) in DeFi has reduced under $200 Billion.
Hackers Crawling The DeFi Space
The DeFi sector has been rife with attacks, frauds and exploits so far this year, with more than $1.6 Billion in cryptocurrency stolen from folks, crossing the total sum theft in 2020 and the following year combined.
Research from Certik, a blockchain analysis organization unveiled the stats on Monday, exhibiting the Month of March having most amount stolen at $719.2 Million, over $200 Million more than what was looted back in 2020. The March sum is largely because of collapse of Axie Infinity’s Ronin Bridge where hackers made off with more than $600 Million worth of crypto assets.
April was a busy time for attacks, with Certik recording 31 prime incidents, an average of around 1 per day. The most precious was $182 million siphoned from Beanstalk Farms utilizing a flash loan hack.
CertiK highlighted the roughly $80 million stolen by Fei Protocol, the second most valuable robbery of the month, and the $10 million stolen by AMM protocol Saddle Finance, both of which occurred at the conclusion of the month.
Both protocols used Twitter to provide a bounty to their separate attackers in return for the recovery of stolen monies. While the odds of it happening are minimal, it’s not unprecedented; in 2021, an attacker on the Poly Network returned nearly all of the $610 million stolen from the network while declining a $500,000 payout.
According to CertiK, the month of April 2022 “holds the record for the biggest dollar amount of damages in flash loan breaches ever documented 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.
Research of this year’s DeFi damages comes as TVL in decentralized finance has gone under $200 Billion for the initial time since 16th March as per DeFi Llama.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
