DeFi Llama has recently reported that the crypto hackers remained successful in draining up to $21.41M in crypto assets from DeFi companies in the previous month. The total value locked (TVL) aggregator DeFi Llama mentioned that the worth exploited in the last month was more than in January. In 2023’s 1st month, the hackers could steal $740,000 in exploitations. This amount was considerably lower than the exploits of February.
Report from DeFi Llama Says Exploiters Took away $21,000,000 from DeFi Sector in February
Even then, the cumulative $21.41M figure of the previous month is much lesser than the exploitation carried out throughout the year 2022. The market intelligence company Chainalysis, in its recent “2023 Crypto Crime Report”, noted that the hackers took away $3.8B from crypto entities in 2022. Such an enormous figure indicates the peak per-annum total ever.
Particularly, 2022’s October was the largest single month when the crypto industry witnessed big hacks. A stunning amount of up to $775.7 million was drained in digital assets in that month in the form of 32 distinct attacks. In addition to this, Chainalysis revealed that DeFi platforms have turned into the top aims for hackers in the crypto world. In 2022, the particular biggest targets within the decentralized finance sectors accounted for 64% (an enormous proportion of the cumulative exploited funds).
Hackers Focus on DeFi Space Due to Huge Exploitations
The structure of the cross-chain bridges is to functionally enable transactions of digital assets between chains. Chainalysis elaborated that the bridges get a lot of attention for exploiters as the smart contracts turn into big centralized funds repositories supporting assets. In this way, they play the role of alluring spots. If a bridge expands, any vulnerability or error occurring in the primary smart contract code can be discovered and exploited by hackers.
