DeFi Exploits Top $1.8B YTD, Though Security ‘Getting Better’ Immunefi Says

07/14/2022

Hacks against decentralized finance protocols have increased almost eightfold when compared to the first quarter of last year, according to DeFi bug bounty platform Immunefi. In Q1 of this year alone, over $1.22 billion has been identified as having been stolen or rugged from budding protocols. That’s a 7.9 times increase when compared to some $154.6 million in stolen funds for the same period in 2021, research from Immunefi’s quarterly crypto losses report shows. More than 77% of the $1.22 billion figure stems from the Ronin Network’s $625 million hack — the Ethereum-linked sidechain used for blockchain game Axie Infinity — in March and blockchain bridge Wormhole’s $326 million hack in February. The numbers might look bad on the surface, but Immunefi said it’s not as bad as it seems. “The most important thing to keep in mind is that although things look bad, they are in fact getting better and better on the security side,” Immunefi’s CEO Mitchell Amador told Blockworks in an interview.

Full story : DeFi Exploits Top $1.8B YTD, Though Security ‘Getting Better’ Immunefi Says.

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