DeFillama: Hackers withdrew more than $6.7 billion from DeFi projects

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Analytical platform expertsDeFillama reported that hackers were able to steal more than $6.7 billion from decentralized finance protocols over the past year. The so-called crypto bridges suffered the most.

Hackers were able to take advantage of the growing popularity of DeFi platforms in the crypto community and vulnerabilities in hastily built bridges.

 

Analyzing the main reasons that led tohacking and theft of assets from decentralized platforms, DeFillama experts report that about 23% of cases were associated with the compromise of private keys, 7% were due to access control exploits, approximately 5.8% were the result of verification errors and another 5% due to schemes targeting to quotation oracles.

 

“Most bridges are built with a Web2 mindset.This is the wrong mental model because every transaction is final, and one mistake can cost hundreds of millions of dollars,” Ryan Zarick, co-founder and CTO of LayerZero Labs, commented on DeFillama’s research.

The opinion of the head of LayerZero is sharedVice President of Investigations at Chainalysis Erin Plante, who says crypto bridges have become a popular target for hackers in recent years:

“Bridges are a very attractive target becausewhich in many cases have some kind of central point where the deposited tokens are stored. Regardless of how and where these funds are stored - in a smart contract or with a centralized custodian - this is the point that becomes the target of criminal attacks.”

On Sunday, July 30, vulnerability in languageVyper's smart contract programming compromised many liquidity pools in DeFi projects. It is reported that this is a faulty re-entry lock. Over the past 24 hours, hacks worth more than $41 million have already been confirmed, including in the Curve Finance project.