Radiant

Gamma

DeFi

Goledo Finance

<a href="https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance">Decentralized finance (DeFi)</a> security startup Quantstamp has identified the top five smart contract protocols that suffered the most losses from exploits and hackers in January.
In a <a href="https://twitter.com/Quantstamp/status/1752339448354734540" target="_blank" rel="noopener nofollow">post</a> on social media platform X, Quantstamp highlighted that the actions of bad actors using various attack methods like smart contract hacks, key compromises and scams resulted in total losses of $38.9 million in January.
<blockquote class="twitter-tweet">
 $38.9M has been lost to web3 security incidents so far in January 2024 Let's take a look at 5 of the largest smart contract hacks so far ⬇️— Quantstamp (@Quantstamp) <a href="https://twitter.com/Quantstamp/status/1752339448354734540?ref_src=twsrc%5Etfw">January 30, 2024</a>
</blockquote> 
Radiant Capital faced $4.5 million in losses in early January in a flash loan attack. Blockchain security firm PeckShield&nbsp;<a href="https://twitter.com/peckshield/status/1742334242120466580" target="_blank" rel="noopener nofollow">identified</a> the issue as caused by a “known rounding issue” in the current Compound/Aave codebase.
The DeFi lender halted its USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>) pool on Arbitrum to fix the problem. Radiant clarified that user funds were secure, and operations resumed after an investigation.
<blockquote class="twitter-tweet">
 To initiate the compensation process for asset recovery, we kindly request our users to fill out the Google Form linked below. ️ The form will be open for one week, and we will prioritize compensation for those who submit their claims. ⤵️Form below.<a href="https://t.co/8Hm79uTdwZ">https://t.co/8Hm79uTdwZ</a>— Goledo Finance (@GoledoFinance) <a href="https://twitter.com/GoledoFinance/status/1752305351238521006?ref_src=twsrc%5Etfw">January 30, 2024</a>
</blockquote> 
<a href="https://cointelegraph.com/news/gamma-protocol-investigates-attack-drained-ether">Gamma Strategies also faced a flash loan attack</a> on Jan. 4, hours after the Radiant attack, resulting in a code bug that enabled attackers to siphon $6.1 million from Gamma’s public-facing vaults. To address the issue, Gamma temporarily halted deposits, fixing the vulnerability. 
Wise Lending <a href="https://cointelegraph.com/news/wise-lending-drained-440k-crypto-apparent-flash-loan-exploit">suffered a loss of at least $460,000</a> in a flash loan attack on Jan. 12. The exploit involved manipulating the price oracle used by Wise Lending and marked the second attack on the protocol in six months. The Web3 lending app was drained of 170 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>).
Related: <a href="https://cointelegraph.com/news/crypto-users-report-patreon-phishing-scam-emails">Unwanted emails from Patreon? Crypto users say it might be a phishing scam</a>
On Jan. 16, Socket, a multichain protocol, <a href="https://cointelegraph.com/news/socket-protocol-loses-3-3-million-confirmed-approval-exploit">experienced a security breach</a> due to a vulnerability in user verification input. This allowed hackers to steal nearly 2,000 ETH, valued at over $4 million. However, Socket&nbsp;<a href="https://cointelegraph.com/news/socket-protocol-recovers-two-thirds-stolen-eth-from-hack">recovered 1,032 ETH (approximately $2.3 million)</a>&nbsp;and reimbursed all affected users as part of its plan to restore user funds.
Goledo Finance&nbsp;<a href="https://twitter.com/GoledoFinance/status/1751408477417717982" target="_blank" rel="noopener nofollow">experienced</a>&nbsp;a security breach similar to Gamma’s exploit, involving a flash loan attack resulting in the theft of $1.7 million.On Jan. 28,&nbsp;Negotiations with the perpetrator are still ongoing, and Goledo has announced a reward for the return of the funds.
The lending protocol announced that the hacker’s accounts on centralized exchanges were frozen. Goledo is evaluating the extent of the loss to formalize a recovery strategy, and local law enforcement has been briefed on the situation.
The Goledo team has set out its <a href="https://twitter.com/GoledoFinance/status/1752305351238521006" target="_blank" rel="noopener nofollow">compensation</a> process for user asset recovery. The team provided a Google form for users to submit their claims.
Magazine: <a href="https://cointelegraph.com/magazine/defis-billion-dollar-secret-the-insiders-responsible-for-hacks/">DeFi’s billion-dollar secret: The insiders responsible for hacks</a>

Quantstamp reports $38.9M lost in DeFi attacks in January

Cointelegraph

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