BlocksInform
After several hacking reports in the decentralized financial space (defi) last year, defi still seems to remain the main target for bad players in the industry. According to data from DefiLlama, millions of dollars have been siphoned from the DeFi market since the beginning of 2023.
Despite the year just starting, a total of more than $20 million has been stolen from several DeFi platforms in the market, with January seeing $740,000 stolen and February having the highest amount stolen so far of nearly $21 million.
DeFi Remains The Target
With DeFi being the most preyed on by hackers among different sectors in the crypto industry, platforms such as dForce network, Platypus Finance, Orion, and Dexible have been impacted by the hacks that have taken place so far this year, with each of them carrying larger value of hacks.
According to defillama, Ornithorync Fianance carries the highest hack value in February with a total loss of $8.5 million from the protocol. The dforce network is the second largest at a total loss of $3.65 million.
Orion comes in third with $3 million lost, and dexible, hope finance, and arbitrage swap lost $2 million, $1.86 million and $0.1 million, respectively.
Apart from the rigs, Most of the attacks that have taken place so far this year have to do with the logic of protocol with just a few having filed under the carpet draws and intelligent contract language.
Protocol logic is essentially a standard code used to create intelligent contracts and multiple decentralized applications that may have been manipulated by hackers to steal funds.
On the whole, flash-ready attacks appeared to be the most dominant among the list of hacks. Most hacks during the last few weeks are found under this technique, according to defillama. This has shown that service is a major irritant to the entire fashion show market.
Furthermore, with bad actors’ continuous new methods of exploiting the DeFi market, the assurance of whether DeFi attacks will likely decrease or stop someday is a tough nut to crack as hackers have also begun to expand to other popular sectors in the industry such as the non-fungible token (NFT) ecosystem.
The pirates are starting to attack. The NFT Market
Just as DeFi hacks initially began back in the day, NFT-related hacks are also beginning to increase with each passing day. Taking into account the embryonic stage of industry and the large number of newcomers to space, The bad actors saw this as a benefit and seemed interested in taking advantage of it.
Just this year alone, hackers have exploited millions from the NFT ecosystem with an individual with the pseudonym Loyalist stealing millions of dollars worth of NFTs including Bored Ape Yacht Club (BAYC) NFTs via the use of phishing scams on the crypto community’s favorite social platform, Twitter.
Fortune’s recent report last August revealed more than $100 million in NFTs have been stolen between the middle of 2021 to late 2022. Part of these hacks included the one involving the popularly known NFT project Azuki.
To conclude, whereas the challenge and nft market has been an important target for malicious players, the cryptography marketplace has always played a role, because that's where the assets are sold.
At the time of writing, the crypto market is in a downward trend as a result of several new negatives, including silvergate fallout.
The global cryptocurrency market capitalization is currently down $3.2% in the past 24 hours with more important assets such as Bitcoin and Ethereum recording a sharp drop over the same period.
