Defi hack

defi hack



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"Decentralized finance (DeFi) platforms Rari Capital and Fei Protocol suffered a more-than-$80 million hack early Saturday. The hacker exploited a reentrancy vulnerability in Rari's Fuse lending protocol, according to a tweet by smart contract analysis firm Block Sec." — CoinDesk Amount stolen: $80,000,000 Saddle Finance (April 30, 2022)

DeFi applications and protocols aim to recreate traditional financial systems, such as banks and exchanges, with cryptocurrency. Most run on the Ethereum blockchain. Experts say that the hacker was...

The Poly Network hack remains the largest in crypto—not just DeFi. Fortunately though, the saga that began on August 10, 2021 ended happily three days later following a series of strange twists. The heist began when a hacker exploited a vulnerability in Poly Network's "contract calls"—pieces of code that power the protocol.

The DeFi industry's largest hack ever occurred on August 10, 2021, and involved a cross-chain crypto swap provider, Poly Network. The attacker hacked a smart contract on the platform and transferred a total of $610 million to their addresses on Ethereum and BSC.

Over 70% of 2021's major hacks and fraud have been DeFi related. In what may be the largest attack in decentralized finance, Poly Network was attacked and the alleged hacker drained roughly $600 million in crypto. According to the official announcement, the hacker drained assets from Binance Chain, Ethereum, and the Polygon network.

Rekt News is an anonymous platform for whistleblowers and DeFi detectives to present their findings to the community. They analyse all the major hacks and exploits, and provide creative commentary on all things crypto and DeFi, with an aim to educate and entertain their readers.

The Defi hack trend has taken the better of the blockchain system. Before pNetwork, it was DEX protocol, NowSwap, that was hit as it suffered a loss of over $1 million during the attack days back. The attackers stole 535,000 USDT and 158 WETH. Previously, decentralized exchange THORChain suffered a $7.6 million hack back in July.

A Canadian teen math prodigy who allegedly swiped $16 million in an exploit of a decentralized finance (DeFi) protocol in October swore on Twitter to "fight to the death" in a legal "duel" over...

A $320M Crypto Heist Sends the DeFi World Reeling Decentralized finance systems promise to do away with the intermediaries that slow down or complicate transactions. A major hack of a major DeFi...

Wormhole, one of the largest bridges between Solana and other blockchains, has been hacked for about $320 million, or 120,000 ether — making it the second largest DeFi hack to date. The interoperability protocol confirmed the exploit in a tweet Wednesday evening.

Now, two out of six assets in the protocol, DEFI5 and CC10 (both index tokens that track large DeFi projects), have lost most of their value. DEF15 dropped by 85% an hour after the hack—from $88.73 to $3.67, according to CoinGecko data. CC10 lost 98% of its value; before the hack it was trading for $62.50 but afterward it dropped to $0.74.

According to Ivan on Tech, the most common ways to trick DeFi protocols are as follows: Reentrancy attack - caused by a contract calling externally an untrusted contract before resolving.

Cross-chain DeFi platform Poly Network was attacked, with the hacker draining about $600 million in Ethereum and other tokens. Unexpectedly, hackers are returning almost half of the funds they stole to "save the project". The assets stolen are $273 million of crypto tokens on Ethereum, $253 million in tokens on Binance Smart Chain (BSC), and $85 million in USDC on Polygon Network (MATIC).

The Biggest DeFi Hack In History Occurred Today: But Why, And How? Today, over 611 million dollars was stolen in a massive hack that will go down as the largest DeFi hack in blockchain history up...

DeFi hacks are becoming a new reality. For the first 7 months of 2021, DeFi hacks accounted for 76% of major hacks in the world of crypto. Totally, DeFi projects lost $361 mln due to Hacks for the first 7 months of this year. Compared to 2020, the scope of DeFi risks has increased by almost 3 times.

What Happened: DeFi protocol Poly Network reported a total loss of over $611 million in an exploit earlier today, making it the biggest hack in DeFi history to date.

Warp Finance, a DeFi lending platform for liquidity provider (LP) tokens, was attacked earlier this month in an oracle manipulation blitz that netted the offender +$7 million. Due to a quirk in the project's design, its team was able to recover $5.85 million worth of Uniswap ETH/DAI LP tokens that the attacker had used as collateral. Conclusion

Following the attack, other DeFi protocols were able to identify the attacker, will all funds subsequently being returned. Many have acknowledged that this hack was due in large part to dForce supposedly copying Compound Finances v1 contracts which did not safeguard from the specific attack. Read our full story on the dForce hack.

DeFi Protocol Cream Finance Hacked for Second Time This Year Bitcoin $ 22,269.75 -4.04% Ethereum $ -1.80% Binance Coin $ 221.40 -1.73% XRP $ 0.319787 +0.27% Binance USD $ 1.00 -0.07% Cardano $...

Attacks and violations have been taking place on and off. In what is the latest happening, Deus Finance was victimized. As per PeckShield, Deus Finance was exploited on Tuesday, with the attacker swiping around $3 million in Ethereum and DAI. Per the blockchain security and data analytics company, the protocol loss could be much more.

The team behind Cream Finance has confirmed that the decentralized finance (DeFi) lending and borrowing platform has lost $130 million in Cryptocurrencies to hackers on Wednesday. "Our Ethereum C.R.E.A.M. v1 lending markets were exploited and Liquidity was removed on October 27, 1354 UTC," the official Twitter handle of the DeFi platform wrote.

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The four main reasons DeFi protocols are hacked are coding errors, developer incompetence, misuse of third-party protocols, and business logic errors. The most common, and possibly the most dangerous, is developer incompetence, which is also a direct result of coding errors.

In the first place, this is considered the greatest DeFi hack in history, since over $613 million were stolen in the blink of an eye. Secondly, Poly's team begged the hacker to return the money, and the hacker actually answered that prayer. Poly Network is a DeFi protocol that swaps tokens across several blockchains, including Bitcoin Bitcoin ...

The total sum lost to hacks in Q1 2022 is up 695% from the Q1 2021's losses of $154.6 million. 2 out of the 3 biggest ever DeFi hacks- Wormhole hack and Ronin hack, took place in Q1 2022. In the ...

In 2020, 17 major DeFi exploits and hacks took place that resulted in the loss of $154 million. In two of these 17 attacks, the theft was the result of the founding team exit scamming. The other 16 instances were the result of an exploit. Interestingly, in six of the attacks that took place, the stolen funds or a portion of the stolen funds ...

1. The Meerkat Finance Hack. Meerkat Finance was a yield farming DeFi ecosystem that became operational in March 2021. In just one day after going live, the platform suffered a security breach resulting in the loss of $13 million in stablecoins and 73.000 BNB. The total financial damage was over $30 million.

EasyFi Hack. EasyFi is a DeFi platform on top of the Polygon Network, which reported a loss of over $80 million worth of assets due to a hack. It was revealed that the attacker took away $75 million worth of assets and siphoned $6 million from its liquidity pools. The team decided to conduct a hard fork in order to recover most of the funds ...




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