DeFi popularity exploded in 2020. This rise was reflected in the theft incidents on DeFi platforms. In total, there were 15 hacked DeFi platforms corresponding to $ 120 million of funds stolen.
Only $ 45 million saved
Hackers conducted attacks ranging from $ 135,000 to $ 25 million, according to data provided by The Block Research. Only $ 45.6 million was saved.
The bZx protocol, which suffered a massive attack in February, suffered a flash credit attack by a hacker that resulted in a loss of around 1,200 ETH. Due to a contract error, the attack could be carried out twice.
$ 25 million lost in the biggest DeFi attack
The DeFi hack with the largest stolen amount was Lendf.me’s $ 25 million attack. In the attack in question, a reentry attack vector allowed the hacker to interact with a token contract as if it had many guarantees. The attacker then stole all assets from the platform but later returned them.
The Block Research 2021 Digital Asset Outlook Report, which contains more information on hacking attacks in 2020, included:
- State of the Market: 2020 has been a record year for cryptocurrencies in a series of metrics tracked by The Block via the Data Board.
- Digital Asset Investment Trends: Although mergers and acquisitions and corporate development are still in their infancy, 2020 recorded the most mergers and acquisitions in the history of the industry.
- The Block Research 2021 Investor Survey shows that investors are looking forward to an even bigger year for stablecoins and companies buying Bitcoin in 2021.
- DeFi Outlook: As scalability and sophistication advance to compete with centralized services in 2021, the DeFi industry is now expected to be worth billions of dollars.
- Macro Perspectives: 2020 was a year when the perception of Bitcoin as a viable macro investment rose among investors and companies.
- By 2021, the world’s largest financial companies are accelerating the strategic desire to publicly market their intention to expand their crypto capabilities or explore new digital asset offerings, while banking is also preparing for the acceleration in the cryptocurrency industry.