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A report from IntoTheBlock showed that defi hacks are on course to post the lowest losses seen in two years despite over $1.7 billion stolen in November alone. Data from the blockchain analytics provider indicated that defi lending protocols and cryptocurrency bridges were the top targets for hackers looking to siphon user funds.  2/ Though it may not feel like it, the amount lost to exploit s in DeFi has been trending down 2023 is on track to having the least amount of funds lost (~$1B) since 2020 pic.twitter.com/8fu0L7Hdqu — Lucas (@LucasOutumuro) December 13, 2023 While lenders suffered 34 attacks and lost $1.3 billion to theft, exploit ers pilfered nearly double that amount over 10 incidents, according to Lucas Outumuro, head of research at IntoTheBlock. The researcher further classified defi exploit s into two risk vectors, namely economic and technical.  There is a greater number of technical exploit s, but the funds lost due to economic factors are much larger...

While total year-over-year losses to hackers dropped 58%, BNB Chain saw 119 security incidents leading to losses of around $70 million, followed by Ethereum, with 55 incidents netting hackers over $65 million. More than $300 million in digital assets were lost to crypto hacks and exploits in the second quarter of 2023, according to on-chain data compiled in the quarterly report by the blockchain security company CertiK.  In the report, CertiK showed that there were a total of 212 security incidents in the quarter. The firm noted that across the incidents, malicious actors drained a total of $313,566,528 from Web3 protocols. Compared to the second quarter of 2022, when hacks and exploits took $745 million, the security firm pointed out that there was a 58% decline in the amount lost. Despite the lower total amount recorded compared to 2022, the quarter saw an increase in the value lost to exit scams, which amounted to around $70 million in the second quarter of 2023. This is almos...

The last week of 2022 didn't turn out to be a good one as the industry recorded multiple exploits and an exit scam scare. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. For DeFi, the last week of 2022 saw another slew of exploits , insider job accusations and exit scam drama . It all started on Christmas, when Defrost Finance, a decentralized leveraged trading platform on the Avalanche blockchain, was exploit ed by a DeFi flash loan attack causing $12 million in losses. However, the hacker behind the attacks reportedly returned a portion of the funds the next day. Security analytic firm Certik looked into the chain of events and concluded that the $12 million of funds drained were a part of an exit scam. On Dec. 26, when the Defrost exploit saga was unfolding, Bitkeep, a multichain wallet, was exploited for $8 million by hackers. Later in an analysis ...