followreportAccording to Forbes, the crypto project found more than 125 hacks and the top 5 attacks were all related to decentralized finance (DeFi) protocols, accounting for $1.48 billion of the total amount stolen.
Hackers love DeFi.
Forbes reiterates that the top 5 biggest crypto heists range from cross-chain hacks, erroneous code exploits, and flash loan attacks.
The top 5 hacks are the $625 million hack of the Ronin Network. Wormhole’s $325 million theft, Nomad Bridge’s $190 million hack, Beanstalk Farms’ $182 million flash loan attack, and Wintermute’s $160 million attack.
According to the report, DeFi attacks accounted for about 49% of all hacks this year. And this has led to a reduction in investment in this sector. As data from blockchain analytics firm Elliptic shows, the DeFi protocol will lose 75% of its total locked value (TVL) in 2022. However, that also includes falling asset prices.
Data from DeFi Llama also shows that the DeFi protocol’s TVL dropped from $166.58 billion at the start of 2022 to $39 billion in December.
Forbes reports that cross-chain bridges, which enable the exchange of tokens between blockchains, was the top target for hackers this year.
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