DeFi platforms at much higher risk than centralised exchanges: report
Chainalysis' 2022 Crypto Crime report states that hackers have already stolen cryptocurrency valued at $1.3 billion in Q1 2022
By Shashank Bhardwaj
In 2021, hackers stole $3.2 billion worth of cryptocurrency across exchanges. Come 2022, these hacks seem to have gathered more steam, with $1.3 billion worth of cryptocurrency hacks already reported in the first quarter of the year. The numbers disproportionately sway toward more Defi platforms as victims of these hacks.
The Chainalysis’ 2022 Crypto Crime report states that 97 percent of the cryptocurrency was stolen from Defi platforms. The previous years’ numbers depict that the trend has been rising steadily: 72 percent in 2021 and 30 percent in 2020.
The most common and major vector of attack in the past hacks has been security breaches. In these security breaches, the hacker gains access to the victim's private keys to steal their cryptocurrencies. The $615 million March 2022 hack of the Ronin Network is a testimony that this technique remains effective. The report states that 35 percent of the value of stolen cryptocurrency from 2020 to Q1 of 2022 resulted from security breaches. Addressing the hacking concerns for Defi platforms, the report suggested that faulty code, which leads to code exploits and flash loan attacks, is the major cause of the increasing rate of hacks on Defi platforms.
“The answer to why DeFi protocols are being increasingly hacked lies in the code they are based on. The majority of hacking attacks happen because of smart contracts’ code vulnerabilities that the hackers exploit to gain access to user funds, says Johnny Lyu, KuCoin CEO, adding, “The decentralised nature of DeFi platforms makes them even more vulnerable to attacks, as hackers target specific bugs in the software suites, which are very transparent since the apps are open source.”
These smart contract vulnerabilities are inherent in Defi platforms and decentralised exchanges because of their open-source and transparent nature. Users can audit the underlying source code to build trust for the protocol, but this trait has been the Defi platforms’ undoing. Cybercriminals analyse the source code for vulnerabilities and plan the code exploit. The BadgerDAO hack is one such example where the hacker tested the exploit months before the actual attack.
The other common vector, Flash Loans, occurs due to the Defi Platforms’ dependence on unstable price oracles. These unstable oracles are vulnerable to price manipulation. A total of $364 million worth of cryptocurrencies were stolen, all thanks to these Flash Loans.
The report suggests using decentralised oracles like Chainlink and code audits as preventive measures against such code exploits and hacks. Lyu continues, “While this peculiarity requires even more time and resources to be spent on code audits and stress tests, many of today’s DeFi projects are launched hastily and do not pay much to build a strong security team. It can be seen that for the current security vulnerabilities in Defi projects, smart contract auditing, senior and experienced teams will be helpful to prevent hacker attacks."
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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BTC and ETH will break all-time highs in 2022: Celsius CEORead More..
Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..