Why The DeFi Sector Has Seen $1.57B In Exploits And Already Exceeds 2021 Record

05/03/2022

Per a report from blockchain security firm Peck Shield, the DeFi sector has been under attack with a profitable season for bad actors. The total amount extracted from different crypto projects has already surpassed the total recorded last year. The security firm claims that around $1,57 billion have been obtained from hackers and other bad actors over the past months. This represents a $400 million increase from the $1,55 billion stolen in 2021, as the chart below shows. The security firm registered the BeanstalkFarms, the Fei protocol, and Aku Dreams exploits as some of the worst in the DeFi sector. Almost $300 million have been stolen from these projects between January and April 2022. Axie Infinity’s Ronin bridge was one of the worst in the entire crypto industry. Hackers managed to drain the project from over $600 million by exploiting a vulnerability within the platform’s nodes. The sector has always been vulnerable to attacks due to its open-source nature, and because of the lack of deterrents for bad actors. Unlike stealing from a bank, a centralized exchange, or a traditional entity, taking money from DeFi protocols pays big with possibly no consequences.

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