Since the beginning of the year, there have been 70 attacks against Decentralized Finance (DeFi) systems, according to a new report. The assaults targeted Ethereum and Binance Smart Chain, two of the most renowned DeFi blockchains.
According to The Block’s most recent figures, DeFi protocols have lost $ 1.4 billion to hackers since early 2021. The hackers, on the other hand, were able to recoup $ 760 million from the stolen assets.
The Polychain breach, in which an attacker stole around $ 600 million from the DeFi platform, is the most well-known. The attacker, on the other hand, stated that he was returning all purchases in order to draw attention to an issue in the Polychain network. Protocols regained $ 760 million, bringing DeFi protocol losses this year to $ 680 million. The Ethereum network suffered the most harm, with 34 faulty DeFi protocols discovered on the blockchain.
Binance Smart Chain is in second place, with 25 DeFi protocol assaults on the blockchain since the beginning of the year. Three and two assaults were recorded by the Polygon and Avalanche networks, respectively.
Term loan attacks take the lead
Since the beginning of the year, instant credit assaults have been fairly common in the DeFi space. 34 of the invasions, according to the study, were quick credit assaults. A hacker borrows money from the network, spends it for various purposes, and then repays the loan in a single transaction block.
Ethereum is the most popular DeFi blockchain, accounting for more than half of all transaction volumes in the ecosystem. Companies such as Binance Smart Chain, Solana, Cardano, Avalanche, Terra, and Polygon, on the other hand, provide a significant threat by enabling quicker and cheaper transactions.