Ethereum

DeFi platforms misplaced over $21M to hackers in February: DefiLlama knowledge

March 7, 2023

One of many largest is the flash mortgage reentrancy assault on Platypus Finance.
DefiLlama has highlighted seven noteworthy hacks in February.
The primary hack in February was the worth oracle assault on BonqDAO.

In keeping with knowledge from DeFi aggregator DefiLlama greater than $21 million in cryptocurrencies was stolen by hackers from DeFi platforms in February.

Within the knowledge report, DefiLlama highlighted seven main hacks that quantity to $21 million.

Seven main February DeFi hacks

1. $1.7 million BonqDAO hack

Bonq protocol was on February 1, 2023, uncovered to an oracle assault that allowed the hacker(s) to control the worth of the AllianceBlock (ALBT) token.

The hacker altered the worth of the ALBT token upwards after which minted numerous BEUR which was then swapped for different tokens on Uniswap. The hacker then decreased the worth of ALBT to nearly zero triggering the liquidation of ALBT trovers.

Within the course of, the hacker solely managed to steal about $1 million attributable to a scarcity of liquidity.

2. $3 million Orion Protocol hack

On the next day (February 2, 2023) decentralized alternate Orion Protocol misplaced about #3 million by a reentrancy assault.

The hackers used a malicious good contract to steal funds utilizing repeated withdrawal orders.

3. $3.65 million dForce Community hack

On February 10, a white hat hacker stole about $3.65 million in crypto. The hacker nonetheless later returned all of the funds.

dForce confirmed the return of the funds on February 13 saying:

“On Feb. 13, 2023, the exploited funds had been absolutely returned to our multi-sig on each Arbitrum and Optimism, an ideal ending for all.”

4. $9.1 million Platypus Finance hack

DeFi protocol Platypus Finance misplaced about $8.5 million by a flash mortgage assault on February 16, 2023.

A postmortem of the hack revealed that the hacker took benefit of a code that was within the unsuitable order.

The Platypus Finance staff later confirmed the second and third exploits that resulted in one other $667,000 loss, bringing whole losses to round $9.1 million.

The French police, nonetheless, arrested two suspects associated to the hack and seized round $222,000 in cryptocurrency property on February 25.

5. $2 million Dexible hack

On February 17, Multichain alternate aggregator Dexible misplaced about $2 million value of cryptocurrencies after the aggregator was hit by a hacker focusing on the app’s selfSwap perform.

The hacker exploited a vulnerability within the app’s latest good contract permitting them to steal funds from wallets that had unspent spend approval on the contract. The attacker(s) withdrew the tokens by Twister Money into unknown BNB pockets addresses.

6. $1.86 million Hope Finance hack

On February 20, arbitrum-based algorithmic stablecoin challenge, Hope Finance, misplaced about $2 million after a sensible contract exploit.

The funds had been stolen from customers’ accounts.

7. $700,000 LaunchZone hack

The LaunchZone hack which triggered the protocol’s native token, LaunchZone (LZ), value to nosedive was the final of the key DeFi hacks in February. It happened on February 27 leading to a lack of about $700,000 in cryptocurrencies.

The hacker reportedly leveraged the vulnerability of an unverified good contract to empty property from the platform.

Conclusion

DefiLlama’S February figures present an increase from January figures which stood at $740,000 from two DeFi hacks –ROE Finance and Midas Capital.

In keeping with crypto crime experiences, DeFi protocols misplaced about $3.1 billion value of crypto property to hackers in 2022, which is over 82% of the whole funds misplaced to hacks throughout the broader cryptocurrency market.