$3 billion has been lost to DeFi hacks so far this year

Over $760 million was stolen from 53 DeFi protocols last month, bringing the total lost to hacks so far this year to $3 billion.

Security firm Peckshield has revealed that hacking losses in the cryptocurrency space have reached $3 billion since the beginning of the year.

According to a recent report, October was the month with the highest number of DeFi exploits, with 53 protocols being defunded by hackers.

#PeckShieldAlert Up to 44 exploits (53 protocols affected) earned about $760.2 million in October 2022, with about $100 million already returned to exploited protocols (total loss: 65720 million dollars)
As of October 2022, stolen funds in 2022 (~$3 billion) have “doubled” last year’s losses pic.twitter.com/mKZAjVk7UU

PeckShieldAlert (@PeckShieldAlert) October 31, 2022

The 53 protocols lost a total of $760 million to attackers over the past 31 days, the security firm added. However, about $100 million of funds were returned to the protocol.

The $3 billion lost to hacks so far this year has already doubled from last year, with the end of 2022 still two months away.

Last month’s losses had a variety of causes. Some of them include blasphemous hacks, insecure smart contract code, abused cross-chain bridges, oracle price manipulation, and wallets compromised by the unexplained game theory behind protocol functionality. increase.

BNB Chain was the most popular protocol hacked last month. However, Binance has performed a hard fork to restore platform security after an unknown event. Attackers stole $100 million Via the flaw in the BNB chain’s cross-chain bridge

Solana-based cryptocurrency lender Mango Markets also lost $100 million to hack. The attacker, Avraham Eisenburg, claimed that the actions behind the hack were legitimate. After the community hack, a deal was struck and Eisenburg returned his $67 million to the protocol and kept the rest.

Cryptocurrency market maker WinterMute posted one of its biggest losses last month, losing $160 million to attackers. But CEO Evgeny Gaevoy brushed off the loss, adding that the company is solvent and has more than double its capital.

Hackers also stole $15.8 million from Team Finance by exploiting a bug in the protocol’s transition from version 2 to version 3.