Defi

Read

<div class="cryptonews">
 <p class="is-style-lead">A report from IntoTheBlock showed that defi hacks are on course to post the lowest losses seen in two years despite over $1.7 billion stolen in November alone.</p>
 <p>Data from the blockchain analytics provider indicated that defi lending protocols and cryptocurrency bridges were the top targets for hackers looking to siphon user funds.&nbsp;</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">2/ Though it may not feel like it, the amount lost to <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>s in DeFi has been trending down <br><br>2023 is on track to having the least amount of funds lost (~$1B) since 2020 pic.twitter.com/8fu0L7Hdqu</p>— Lucas (@LucasOutumuro) December 13, 2023
   </blockquote>
  </div>
 </figure>
 <p>While <a rel="noopener noreferrer nofollow" title="lenders" href="https://thebittimes.com/tag/lenders.html">lenders</a> suffered 34 attacks and lost $1.3 billion to theft, <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>ers pilfered nearly double that amount over 10 incidents, according to Lucas Outumuro, head of research at IntoTheBlock. The researcher further classified defi <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>s into two risk vectors, namely economic and technical.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p>There is a greater number of technical <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>s, but the funds lost due to economic factors are much larger. In terms of the underlying causes, most of the economic <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>s have been due to poor mechanism design. Most of the technical attacks have been due to smart contract bugs and inadequate private key management.</p> <cite>Lucas Outumuro, head of research, IntoTheBlock</cite>
 </blockquote>
 <p>Crypto platforms and defi protocols have reported numerous hacks throughout 2023, with bad actors stealing hundreds of millions in digital assets from a single project in some cases.&nbsp;</p>
 <p>Hackers stole over $290 million from five platforms during November following attacks on Poloniex, HTX, Heco Bridge, KyberSwap, and Kronos Research.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> KyberSwap hacker demands full control after $47m exploit
 </div>
 <p>Despite the constant threat of web3 <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>s, TRM Labs reported a 50% drop in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> hack volumes. This marked a noteworthy decrease in hacks, considering bad actors looted over $4 billion the previous year.</p>
 <p>However, experts urged additional attention toward on-chain security and tools designed to mitigate attacks.&nbsp;</p>
 <p>Sipan Vardanyan, co-founder and CEO of cyber security firm Hexens, said security would be a key area of focus in 2024 and beyond. Vardanyan told crypto.news that companies must prioritize on-chain safety if the industry hopes to grow in leaps and bounds.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p>We’re convinced that the two biggest obstacles to the mass adoption of web3 are inadequate regulatory oversight and critical cybersecurity shortcomings, which are deeply interconnected. Securing decentralized technologies needs to be an absolute priority if investors are to operate in the space without the fear of financial devastation looming overhead.</p> <cite>Sipan Vardanyan, co-founder and CEO, Hexens</cite>
 </blockquote>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> HTX marks $250m outflow post November hack
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/defi-lenders-and-crypto-bridges-lead-exploits-in-2023-tbt73601.html">https://thebittimes.com/defi-lenders-and-crypto-bridges-lead-exploits-in-2023-tbt73601.html</a></p>

Defi lenders and crypto bridges lead exploits in 2023

TheBitTimes

Other articles published on Dec 13, 2023

Just In: CZ, Binance Say US SEC Claims On DOJ Settlement ‘Irrelevant’

Web3 gaming: a 2023 industry overview

Coinbase Announces Spot Crypto Trading for Non-US Investors

Breaking: Deutsche Bank, Others To Issue Euro-based Stablecoin

Senator Elizabeth Warren Gains Additional Senate Support for Crypto Anti-Money Laundering Bill

Sol Price Prediction: How High Can SOL reach before 2024?

Join our free newsletter for daily crypto updates!