DeFi Hacks Escalate: A Threat to Crypto Industry
CryptoNewsTerminal Staff12 Aug, 2024
DeFi Hacks Escalate: A Threat to Crypto Industry
DeFi protocols have become a lucrative target for cybercriminals, with the total funds lost due to hacks surpassing $7.4 billion from 2016 to 2023, according to research by blockchain security firm Halborn. The report highlights the severity of this issue, indicating that DeFi hacks remain a major threat to the crypto ecosystem. Ethereum, Binance Smart Chain, and Polygon blockchains have been the primary victims of these attacks, and the predominant attack vectors include smart contract exploits, price manipulations, and governance attacks. Halborn's report also emphasizes the growing prevalence of off-chain hacks, such as private key compromises. In line with these findings, Immunefi's report reveals that DeFi hacks have escalated drastically, reaching $473 million in the first half of this year alone. These breaches underscore the urgency for robust security measures and vigilant monitoring within the DeFi sphere. Constant vigilance and proactive steps are crucial to mitigate these risks and ensure the long-term stability of the crypto industry.
