DeFi Responsible for 60% Rise in Crypto Hacks, Says Chainalysis

A surge in stolen funds from decentralized finance (DeFi) protocols has sent losses from cryptocurrency hacks soaring nearly 60% in the first seven months of the year. The post DeFi Responsible for 60% Rise in Crypto Hacks, Says Chainalysis appeared first on BeInCrypto.

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Now fixed, Solana Protocol Library bug, had potential to expose $2.6 billion to risk of theft

Rug pulls and network exploits have dominated much of the buzz within the cryptocurrency industry, and for good reason. DeFi applications have now lost over $2 billion in total owing to such hacks.

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Now fixed, Solana Protocol Library bug had potential to expose $2.6 billion to risk of theft

Rug pulls and network exploits have dominated much of the buzz within the cryptocurrency industry, and for good reason. DeFi applications have now lost over $2 billion in total owing to such hacks.

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Finance Redefined: Two DeFi hacks top $120M, and $500M Algo Fund launches, Nov. 26–Dec. 3

MonoX and BadgerDAO suffer callous security attacks, Borderless Capital opens a $500-million fund to advance Algorand’s ecosystem, and Iota is to launch Assembly in early 2022 — all coming to you in this week’s Finance Redefined.

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DeFi’s Cost Sharing Cover Protocol FairSide Raises $4.2 Million in Its Early Staking Round

With the unprecedented growth of DeFi, both in value and number of users, the security problem surrounding this space became more evident. Protecting user assets against hacks, thefts, and cyberattacks became the top priority and the DeFi space quickly churned out a number of protocols claiming to insure user assets. But in a haste, itRead More

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Cream Finance’s Hack Hattrick Sends Price and TVL Crashing

Hacks in the decentralized finance (DeFi) sector aren’t anything new, and it isn’t any different for Cream Finance either. For the third time this year, Cream Finance has been hacked for at least $130 million.

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$342,526 was stolen from Creature Toadz NFT collection, but the 17-year old hacker returned the money in less than 6 hours

Like scams and rug pulls in the DeFi, the NFT market also experiences a few hacks every now and then. Last night, the Creature Toadz NFT collection got scammed by a hacker who used a phishing webhook to create an operational error in the discord server.

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Bug-induced 'discrepancies' found in Compound Finance token distribution update

Even as billions of dollars were poured into the DeFi space over the past year, the industry continues to be plagued with regular exploits and hacks. Most recently, one of DeFi's biggest lending and bThe post Bug-induced 'discrepancies' found in Compound Finance token distribution update appeared first on AMBCrypto.

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Acting OCC head warns that ‘fools gold’ in DeFi reminds him of lead-up to GFC

While crypto has been mostly weathered past hacks, scams, and crashes, acting OCC head Michael Hsu warns the risks may be multiplying as the technology goes mainstream.

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BSC hit by a massive DeFi hack which stole $12.7 million in BTC

Massive crypto hacks are not as common as they used to be only a few short years ago, but they still happen. The latest evidence of this is a hit on the cross-chain DeFi platform, pNetwork, which was targeted on Binance Smart Chain (BSC).

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Go Get Hacked, Says Nu-Genesis: The Question Is So What?

We talk to NuGenesis about its freakish obsession with crashing and hacking their own blockchains, using  the best blackhats in the business. In the light of the recent hacks continuing to plague Defi, its an  opportunity to review the developments in security.

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Report: $1.7B has been lost to DeFi scams in last 5 years

DEX aggregator and cross-chain asset management platform DeFiYield recently unveiled a database of exploits, hacks, and scams related to decentralized finance. About $1. 7 billion has been lost to DeFi scams in the past five years.

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DeFi hacks on the rise, xToken, Cream Finance lose over $20 million in all

Malicious activities within the crypto space seem to be rising to significant levels. Of late, the number of hacks has led to millions of dollars worth of security breaches within each crypto platformThe post DeFi hacks on the rise, xToken, Cream Finance lose over $20 million in all appeared first on AMBCrypto.

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ABEYCHAIN launches XSWAP: A new generation of DEX

There are a lot of areas at which DeFi could certainly make improvements, such as in its user experience, which is not optimized for mainstream retail market participants. Hacks have also proven to beThe post ABEYCHAIN launches XSWAP: A new generation of DEX appeared first on AMBCrypto.

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DeFi hacks: The crux of the problem lies...

Poly Network recently suffered what’s being called the biggest DeFi hack ever, amounting to over $600 million in total losses. Even as the community expressed disappointment and disbelief, this is hThe post DeFi hacks: The crux of the problem lies... appeared first on AMBCrypto.

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Crypto Crimes Continue to Decline But DeFi Hacks & Frauds Surge Over 2.7x: CipherTrace Report

Over three-quarters of the total cryptocurrency hacks in the first seven months of the year occurred in decentralized finance (DeFi) space, according to a report from crypto intelligence company CipherTrace.

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Crypto scams, DeFi hacks, and rug pulls: Why the crypto industry needs insurance tech

Your bags are gone.

The post Crypto scams, DeFi hacks, and rug pulls: Why the crypto industry needs insurance tech appeared first on CryptoSlate.

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You need to know about rug pulls and its effect on Ethereum and DeFi

Among hacks and malicious maneuvers plaguing the DeFi ecosystem, rug pull is currently top of the list. With several recorded instances in the past six months, rug pulls have thrived on DEXes. The topThe post You need to know about rug pulls and its effect on Ethereum and DeFi appeared first on AMBCrypto.

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DeFi hacks on Binance Smart Chain continue as ‘Impossible Finance’ drained for $500k

Impossible Finance, a decentralized finance (DeFi) protocol on the Binance Smart Chain has been exploited for $500,000 in a flash loan attack.  A flash loan attack is a common type of DeFi exploits in which hackers take an uncollateralized loan from a lending protocol and through a series of technical maneuvers manipulate the market in […] The post DeFi hacks on Binance Smart Chain continue as ‘Impossible Finance’ drained for $500k appeared first on CryptoSlate.

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How (Not) To Get Rekt – DeFi Hacks Explained

The financial instruments of the crypto ecosystem are nowhere near perfect, and it applies to even some of the best projects in the DeFi space. We see rug pulls almost every day on the Binance Smart Chain, leaving millions of users hopeless.

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Sherlock Aims to Protect DeFi Users From Smart Contract Exploits

A decentralized finance protocol called Sherlock has secured a funding round for a project that aims to protect users from the increasing trend of exploits and hacks. The post Sherlock Aims to Protect DeFi Users From Smart Contract Exploits appeared first on BeInCrypto.

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Binance Smart Chain Claims DeFi Attacks ‘Organized and Targeted’

In the wake of an increasing number of hacks and attacks on Binance Smart Chain (BSC) protocols, the community is calling for action. The post Binance Smart Chain Claims DeFi Attacks ‘Organized and Targeted’ appeared first on BeInCrypto.

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Ciphertrace Report Shows Crypto Crime Moving to Defi

Ciphertrace, a blockchain analytics company, has announced that crypto-related crimes have moved to the realm of decentralized finance (defi) apps and protocols. Now, the impact these hacks and exploits represent is way bigger than the one classic hacks to centralized exchanges and other scams do, according to their latest “Cryptocurrency Crime and Anti-Money Laundering Report.” […]

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DeFi Criminals Raked In $240 Million in 2021

DeFi frauds and hacks now account for the majority of crypto losses

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DeFi hacks on Binance Smart Chain rise as TVL and volumes increase

While Binance Smart Chain expands its footprint, hacks on DeFi protocols housed on the network increase hand in hand.

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DeFi Protocols Lost Over $284 Million Since 2019, Says Messari Report

Cryptocurrency research firm Messari has revealed that the total amount of funds stolen from decentralized finance (DeFi) protocols since 2019 is over $284 million. DeFi Hacks and Thefts Since 2019 Total $284 Million Tweeting on Wednesday (April 28, 2021), Mesaari noted that DeFi projects have lost about $284.

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More Than $284 Million In DeFi Lost Through Hacks And Exploits Since 2019: Messari Research

In a report released by crypto data research firm Messari, DeFi platforms have so far lost more than $284. 9 million to unscrupulous exploiters and hackers. The firm analyzed DeFi data from 2019.

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DeFi hacks and exploits total $285M since 2019, Messari reports

Decentralized finance platforms on the Ethereum network have lost about $285 million to rogue actors since 2019.

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DeFi platform hacks itself to safeguard users’ funds

The developers of Primitive, Ethereum-based decentralized finance (DeFi) permissionless options protocol, “whitehacked” their own platform after a severe exploit was discovered today. The post DeFi platform hacks itself to safeguard users’ funds appeared first on CryptoSlate.

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5 DeFi Projects That Successfully Came Back From Exploits/Hacks

1. Compound (COMP) COMP is a decentralized finance (DeFi) lending platform that allows users to borrow and stake to lend without the need for third parties. It currently has over $5. 25 billion in total value locked (TVL).

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Warp Finance Comes Back with a Vengeance Following Hack

While hacks and other cyberattacks can often be devastating in today’s digital era, decentralized finance (DeFi) startup Warp Finance bounced back from a recent flash loan attack in record time.  Warp Finance’s Warp Protocol allows liquidity provisioning (LP) tokens to collateralize stablecoin loans, a totally novel function that provides its users with significant value. However,Read More

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Bridge Mutual Tops DeFi Insurance Market in One Day

This influx of funds led to an increase in hacks and exploitations against defi and centralized platforms. As a result, market participants are calling for a decentralized insurance product. Firms raced to create a usable product.

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CipherTrace Report: DeFi Protocol Hacks Contributed Majorly to 2020’s Crypto Thefts

The DeFi summer of 2020 witnessed ‘rug-pulls’ left, right, and center. DeFi Landscape Saw Major Crypto Thefts Blockchain technology and cryptocurrency analysis firm CipherTrace recently released the 2020 Cryptocurrency Crime and Anti-Money Laundering Report.

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Crypto crime dropped 57% in 2020 but DeFi hacks surged: CipherTrace

Crypto crime rates are dropping despite a massive increase in attacks targeting the DeFi sector, reports security firm CipherTrace.

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DeFi coverage protocol expands protection against centralized exchange hacks

Nexus Mutual is now allowing users to cover their centralized exchange accounts.

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Roundup of crypto hacks, exploits and heists in 2020

2020 has been the year of DeFi, but not all has gone smoothly with the fledgling financial ecosystem.

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Roundup of Decentralized Finance Sagas of 2020

From flash loan exploits to rug pulls to scams, hacks, and crypto tribalism, 2020 has had its fair share of DeFi scandals, sagas, and soap operas. We’ll recap the biggest ones here and take a look into what may be in store for the sector in 2021.

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75% of funds recovered within 3 days of exploit, says Warp Finance

DeFi's booming ecosystem has been plagued by a series of hacks this year, with these hacks making up 21% of all crypto hack volume, according to Cipher Trace. One of the most recent exploits took pThe post 75% of funds recovered within 3 days of exploit, says Warp Finance appeared first on AMBCrypto.

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Public chains Cardano and Nervos to improve on Bitcoin’s UTXO model

Nervos, a China originated public blockchain, and blockchain engineering company IOHK, developers of the Cardano blockchain, today announced a new initiative aimed at reducing the risk of hacks in decentralized finance (DeFi).

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Here's why the Pickle Finance hack was different from the rest

Another day, another DeFi hack. Heard that before? Probably a lot these days. Hacks and rug pulls are not uncommon in the DeFi ecosystem. And yet, the space continues to see sustained growth over aThe post Here's why the Pickle Finance hack was different from the rest appeared first on AMBCrypto.

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Yam Finance Launches DeFi Protection Protocol Umbrella

DeFi yield farming platform Yam Finance has launched a new decentralized protection protocol called Umbrella which aims to offer pool-based security against smart contract exploits and hacks. In response to a rising tide of incursions, exploits, and smart contract vulnerabilities, DeFi protocol Yam Finance is aiming to make the ecosystem safer for investors.

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Ethereum DeFi Exploiter Returns $50,000 to “Nurse” Affected by $5m Attack

DeFi Despite positive technological developments, the decentralized finance (DeFi) space is still rife with hacks and exploits. This much was made clear just recently, when $7 million was siphoned out of a cryptocurrency vault based on Ethereum.

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$50 Million Lost: The Top 19 DeFi Cryptocurrency Hacks of 2020

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Millions Lost: The Top 19 DeFi Cryptocurrency Hacks of 2020

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Another day, another hack: $2m in DAI drained from Ethereum DeFi app Akropolis

With billions of dollars on the line, it is no surprise that the decentralized finance (DeFi) space has been rife with hacks and exploits on innocent contracts. The post Another day, another hack: $2m in DAI drained from Ethereum DeFi app Akropolis appeared first on CryptoSlate.

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Hackers Have Stolen $100 Million From Defi Projects This Year

Hackers have stolen $100 million from decentralized finance (Defi) projects so far this year, according to a new report. Defi accounted for 50% of all hacks and thefts in the second half of the year.

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DeFi Hacks Rise from Trivial to $98 Million in 2020: CipherTrace Report

In the last 10 months of 2020, losses from cryptocurrency hacks, thefts, and frauds have declined a good $1. 8 billion compared to last year. But at the same, the crimes in the “decentralized finance” (DeFi) sector jumped.

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DeFi Hacks Lead 2020 Crypto Crime Charts, Says CipherTrace

While crypto heists have declined in 2020, the largely unregulated decentralized finance (DeFi) arena has seen an uptick in the activities of rogue actors. Crypto Crime on the Decline in 2020 According to cryptocurrency forensics firm CipherTrace, losses due to crypto-related criminal activity have seen a significant reduction in 2020.

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Report: Crypto crimes declined in 2020, but DeFi hacks are on the rise

The recent surge in DeFi makes the industry is an attractive target for hackers.

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