Bad actors have conducted several attacks on the DeFi market in recent weeks. Over $20 million has been stolen so far in 2023 as these entities continue to target vulnerable platforms. DeFi continues to be a major target for bad actors in the crypto market, with the total value lost exceeding $20 million. Data from DeFiLlama shows the extent of this damage, with most of the attacks taking place via compromised private keys. Recent attacks include those against the dForce network, Platypus Finance, and Orion, which are all some of the larger-value hacks that have taken place. Most attacks in 2023 have to do with issues in protocol logic, though there has been at least one rug pull. Flash loan attacks still dominate the list of hacks in recent weeks, demonstrating that this continues as a major pain point for the DeFi market. The attacks have comparatively low individual values compared to last year, but they do not flatter due to their sheer number and cumulative value. DeFi attacks likely won’t ease and may even increase. This is because bad actors are taking to other methods and targeting more popular sectors, like NFTs.
While these are the largest cryptocurrency hacks that have happened in February 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.