As the DeFi sector continues to attract money and users, bad actors from around the world continue to view it as an attractive target that is ripe for the picking and poorly protected. Over the last several months, I have been keeping track of some of the most notable exploits of DeFi protocols, and at least seven of them seem to be a result of smart contract flaws alone. For example, hackers hit and robbed Wormhole, stealing over $300 million, Qubit Finance ($80 million), Meter ($4.4 million), Deus ($3 million), TreasureDAO (over 100 NFTs), and lastly, Agave and Hundred Finance which, together, lost $11 million in total. All of these attacks resulted in the theft of rather significant amounts of money, causing major damage to the projects. Many of the targeted protocols have seen a devaluation of their cryptocurrency, mistrust by users, criticism regarding the security of DeFi and smart contracts, and similar negative consequences.
Read more : The latest trends in hacker attacks and how to deal with them.
