Although it was the largest hack ever however, several massive multimillion-dollar hacks were also discovered in 2022. As more capital and people pour into crypto, the losses are increasing, Adrian Hetman, a DeFi expert at the web3 security services and bug bounty platform Immunefi said to TechCrunch.
this year’s hack history
Wormhole Wormhole, one of the most popular cryptocurrency platforms offering bridges to Solana as well as other blockchains, was compromised for around 320 million 120,000 ether the 2nd of February. The week prior to the Wormhole hack, DeFi protocol Qubit Finance was attacked by hackers who took an estimated 206,809 Binance Coin from Qubit’s QBridge protocol, which was worth around $80 million at the time of the theft.
“The Wormhole and Ronin hack, both massive in nature, represent serious vulnerabilities or failures in the crypto ecosystem,” Anthony Georgiades, co-founder of NFT and web3 blockchain service provider Pastel as well as general partner of Innovation Capital in a statement to TechCrunch.
There was an “loss” of about $1.23 billion in the web3 ecosystem during the beginning quarter of 2022 according to a report from Immunefi. This figure includes the loss of funds due to fraud or hacks, Hetman said.
This figure is up by 695% over the previous quarter’s loss which totaled $154.6 Million, numbers revealed.
On April 4, there’s approximately $230 billion of the total valued secured (TVL) over several DeFi protocols. This TVL stands 170% more than the previous year’s total of $84.91 billion according to the data provided by DefiLlama.
“So given this number, and the fact that a single mistake in code could mean hackers get immediate access to hundreds of millions of dollars, it makes sense that blackhats are interested in getting a slice of that pie,” Hetman stated.
In addition to the increase in acceptance, DeFi is very new and the its developers still are learning to write secure and safe code, Hetman noted.
“Many users are still not well educated on how to safely interact with different projects — or even which projects they should interact with,” Hetman stated. Furthermore there are many developers who are “copying and pasting code from other projects,” thus any vulnerability that is found in one code is often a threat across multiple projects.
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