Another day, another DeFi hack...
by CryptoMotherF - September 21, 2021 at 12:53 PM
#1
Just yesterday, cross-chain decentralized finance platform pNetwork has become the latest protocol to be targeted by hackers on Binance Smart Chain, reporting a loss of roughly $12.7m worth of Bitcoin.

According to a Twitter thread published by pNetwork on Monday, the incursion resulted in 277 pBTC being siphoned from the exchange. Look like the hackers made off with the majority of the network’s collateral.



And that was yesterday.


Today... Vee Finance was hit for $35m in the second major exploit on Avalanche.

The platform was attacked for a total of 8804.7 ETH (around $26m) and 213.93 BTC (around $9m). Details of the nature of the attack remain scant. Vee Finance subsequently published a tweet addressing the attacker directly, offering him a bounty program for the bug that was identified.


According to an analysis conducted through CypherTrace data, it seems that DeFi related hacks account for 76% of all major hacks in 2021.

Even though the first Ethereum based protocol for DeFi was released in 2017, hacks abusing the system were not recorded until 2020. A year later, in 2020, DeFi hacks made up one-quarter of all funds lost to hacks that year — $129 million.

In the first half of 2021 DeFi hack losses have reached $361 million, surpassing last year’s total losses by 180%.
#2
it just takes one dude to take home a huge amount of money for everyone else to realize theres big dough to be made

that probably explains why so many chains are being targetted

i checked out pnetworks site and didn't find any details about a security audit. people should be warier when trusting random defi projects
#3
(September 21, 2021 at 07:10 PM)grangus Wrote: it just takes one dude to take home a huge amount of money for everyone else to realize theres big dough to be made

that probably explains why so many chains are being targetted

i checked out pnetworks site and didn't find any details about a security audit. people should be warier when trusting random defi projects

Very true.

Audits have become a staple of the DeFi industry. They’re an essential part of the DeFi security stack, which also includes automated monitoring and bug bounties. Every project wants at least one audit, and projects that don’t have one are treated with more skepticism by users — especially if the dev team is anonymous.

But some cracks have started to appear. Audit firms are working at a breakneck pace to accommodate growing demand, and bugs are starting to slip through.

Still, audits have proven invaluable at catching a lot of critical issues in protocols. They’re absolutely necessary. But they need to be an integral part of an overall bigger strategy.

Possibly Related Threads…
Thread Author Replies Views Last Post
Whitehat Hacker Paid DeFi’s Largest Reported Bounty of $1M CryptoMotherF 0 863 September 30, 2021 at 03:59 PM
Last Post: CryptoMotherF

 Users browsing this thread: 1 Guest(s)