Crypto hackers stole $21.41 million price of digital property from decentralized finance (DeFi) platforms in February, in keeping with DeFi Llama.
DeFi Llama, a complete worth locked (TVL) aggregator, notes that the exploited worth in February was a steep improve from January, which solely witnessed about $740,000 in hacks.
Nonetheless, February’s $21.41 million complete 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 yr, the very best annual complete ever.
October 2022, specifically, was the largest single month ever for crypto hacking, with $775.7 million in digital property stolen throughout 32 separate assaults.
Chainalysis additionally notes that DeFi protocols have turn out to be the largest targets for hacking within the crypto area, with $3.1 billion in hacks final yr, greater than 82% of the entire quantity stolen in 2022. Cross-chain bridges are the largest particular targets inside DeFi, accounting for 64% of that $3.1 billion complete.
Cross-chain bridges are designed to functionally allow transfers of crypto property between two completely different chains.
Explains Chainalysis,
“Bridges are a sexy goal for hackers as a result of the good contracts in impact turn out to be large, centralized repositories of funds backing the property 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 good contract code or different potential weak spot is sort of positive to ultimately be discovered and exploited by dangerous actors.”
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