More than $1.6B abused from DeFi in 2022 so far

May 3, 2022

defi strikes again yam protocol bug leads to 750000 loss

More than $1.6B abused from DeFi in 2022 so far

The decentralized finance or DeFi space has been flush with hacks, exploits and cheatings so far this year, with more than $1.6B in crypto stolen from users, exceeding the whole amount stolen in 2020 and 2021 together. Estimation from blockchain security company CertiK disclosed the statistics indicating the month of March having the maximum price stolen at $719.2M, above $200M more than what was snatched in all of 2020.

The March amount is huge because of the Ronin Bridge abuse where assailants ran away with over $600M price of crypto. April was an active month for raids, with CertiK documenting 31 important events, an average of almost one a day. The most important was the $182M siphoned from Beanstalk Farms utilizing a twinkle loan attack.

CertiK reported the almost $80M lost by Fei Protocol, the 2nd most important heist last month, and the $10M lost from computerized market maker protocol Saddle Finance which both took place at the end of the month. Both procedures took to Twitter to give their respective assailants a dividend in trade for paying back the stolen funds.

While the opportunities of that occurrence may be thin, it’s not unheard of, as the Poly Network hacker in 2021 refunded nearly all of the $610M snatched from the system along with refusing a 500,000 dollar bounty cost. CertiK said that April 2022 clenches the document for elevated dollar quantity penalties in flash loan attacks ever documented, with failures from that type of exploit reaching $301.4M.

As per DefiLama, the computation of this year’s DeFi exploits comes as the total value locked in DeFi has declined below $200B for the 1st time since March 16. Between April 30 and May 1, TVL declined by just over 3.5 percent to $195.87B only rarely regaining to $199.42B on Tuesday. Over the past 30 days since April 3 have glimpsed a 13.5% decline in TVL and an approximately 22% decrease since the all-time high of over $254B on December 2, 2021.

Have a look at this- Ultimate Use Cases of DeFi

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