Quantity on decentralized finance (DeFi) platforms was at an all-time high in 2020 — and so had been the variety of assaults and thefts in that enviornment, in response to blockchain evaluation agency CipherTrace’s Crime Report.
Over 50% of crypto thefts in 2020 stemmed from DeFi assaults, including as much as $129 million. That’s greater than 25% of the yr’s whole quantity from hacks and different incidents.
Eighteen protocols had been attacked in 2020, which CipherTrace says represents “essentially the most DeFi hacks in a yr so far.” One notable assault was the $8 million misplaced from the lending protocol bZx, which was exploited twice in February as a result of a defective code.
The biggest hack occurred on the KuCoin centralized change in September, with hackers stealing $281 million from the Singaporean change. Nonetheless, the attackers laundered their cash by way of Uniswap, one of many largest decentralized exchanges, then by way of mixers like Tornado Cash to throw off their scent.
In all, the common quantity stolen from a DeFi protocol was about $6 million, per CipherTrace’s report.