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Home security Hackers make $ 10 million a month from DeFi

Hackers make $ 10 million a month from DeFi

Research firm Blockchain CipherTrace today published a report showing that 40% of all crypto hacks carried out in the first half of 2020 targeted decentralized financing protocols (DeFi) and cryptocurrency exchanges.

DeFi

The company found that $ 51,5 million was raised from January to June by DeFi-related cryptocurrency thefts. As of July, that number is $ 47,7 million - 14% of total Q3-Q4.

DeFi refers to non-custodial financial products, such as decentralized lending protocols and exchanges. They became popular this summer after they started offering lucrative ones μπόνους to investors. Many of these products are new, highly experimental and non-adjustable. This makes them vulnerable to hackers.

CipherTrace said in a statement: "DeFi protocols are not allowed by design, which means they often have no clear regulatory compliance and anyone in any country is able to have access to this little to no KYC information. As a result, DeFi can easily become a haven for WRITTEN »THE WOODWORKING - THE OWNER . "

One protocol, the decentralized bZx margin lending protocol, has been breached three times this year. Two hacks cost the company $ 1 million in February and one hacker stole $ 8,1 million in September.

The hackers stole $ 25 million from the dForce protocol in April (although some of the money when the funds were blacklisted). Harvest Finance, a DeFi robo-advisor protocol, lost $ 34 million to a hacker last month (the hacker also returned a small amount of money).

CipherTrace said that the percentage of money lost from DeFi intrusions and thefts fell in the second half of the year due to the attack on the crypto exchange KuCoin, whose stolen amount reached $ 281 million. Much of this money is blacklisted, but the hacker continues to sell some of the money.

The blockchain research company said that if the DeFi industry does not find a way to maintain the form of smart contracts "It is likely that DeFi will continue to suffer from the consequences of the vulnerabilities."

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