Learning about the top 10 DeFi hacks is a smart move that can help you to better understand the market’s history and future. The world of DeFi (Decentralized Finance) remains an exciting and expanding sector of the blockchain industry. These unique and often experimental platforms focus on bringing more flexibility, privacy, and ROI opportunities to users. To accomplish this task, they utilize a decentralized structure, which can improve user profitability. The DeFi movement is in full swing, and the technology continues to innovate. However, this massive growth has been accompanied by some noteworthy growing pains. Around every new technology, there is someone waiting to exploit any errors, and DeFi is no different. At the top of the list of DeFi hacks is one incident that resulted in the loss of over half a billion dollars. The Ronin network suffered a $625M hack when infiltrators were able to find a weakness in the sidechain. Notably, the Ronin Network operates as the primary way for Axie Infinity players to bridge assets. Axie Infinity is one of the most popular play-to-earn titles available. Users collect, battle, and breed their Axies to secure rewards. Notably, each Axie has distinct characteristics that make it scarce and add to its value. The hackers were able to gain control of the network’s withdrawal processes by corrupting five validators at the same time. This maneuver enabled the attackers to easily steal $25 million USDC and 173,600 ETH. To this day, the funds have not been recovered.
Full story : Top 10 DeFi Hacks You Need to Know.
While these are the top 10 Decentralized Finance hacks that have happened so far, 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.
