DeFi hacks are worse than ever, Chainalysis and PeckShield report - 0 views
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John Kiff on 16 May 22ccording to blockchain security firm PeckShield, the amount of money netted from decentralized finance (DeFi) hacks in the first four months of 2022, $1.57 billion, has already surpassed the amount netted in all of 2021, $1.55 billion. Chainalysis found a similar trend, with the hacker haul in the first three months of 2022 exceeding a record set in the third quarter of 2021. The biggest hacks were Axie Infinity's Ronin bridge exploit ($650 million), the Wormhole network exploit ($320 million) and the Beanstalk Farms governance attack ($180 million). The biggest hacks of 2022 were carried out by attackers spotting vulnerabilities in smart contracts and protocols, especially in cross-chain bridges and flash loan protocols. According to Chainalysis, because blockchain code is typically public, hackers can view it easily to spot vulnerabilities and manipulate the protocol to exploit it.