Crypto hacks and exploiters had a ball in July with around 50 attacks resulting in hundreds of millions in losses. An equally bumper August for cyber criminals could hamper any recovery for the decentralized finance (DeFi) sector. According to blockchain security firm PeckShield, there were more than 48 major hacks in July, leading to around $165 million in losses. Remarkably, this figure did not even include the $209 million drained from the cross-chain bridge platform Multichain. PeckShield reported that the top five hacks accounted for 95% of total stolen funds last month at $156 million. July has been the second-highest month for hacking losses after March, when more than $200 million was pilfered. The largest attack was the Vyper reentrancy exploit that targeted Curve Finance stable pools. Furthermore, a raft of other DeFi protocols were also affected, resulting in around $65 million in losses. Moreover, the fallout of that particular attack is still being felt, as the total value locked in the DeFi sector has dropped $3.5 billion since the incursion. The second largest hack in July was the crypto payments platform CoinsPaid which lost $37 million on July 22. The firm has fingered the notorious North Korean hacking collecting Lazarus Group in the heist.
Full report : July Crypto Hack Spree Threatens Recovery of DeFi Sector.
While these are the largest DeFi hacks that have happened in July 2023, OODA has been compiling a comprehensive Web3 incident database based on our research to categorize what compromises are taking place as well as document the root causes that plague Cryptos, DeFi, NFTs, and Web3 in general. Tracking root causes provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks. You can access the OODA comprehensive Crypto Incident tracker here.
