To date, this year’s slew of cyberattacks in the decentralized finance (DeFi) sector has resulted in over $1.6 billion in crypto being stolen from customers, ahead of the combined amount taken last year and this year.
According to blockchain security firm CertiK, the month of March had the most worth stolen, totalling $719.2 million, more than $200 million of what was stolen throughout all of 2020.
April 2022 Became Busy Month for Cyber Attacks
CertiK recorded over 31 major incidents in April 2022 alone – that’s equal to one big heist every day. The biggest digital heist occurred during a cyber breach in Beanstalk Farms. The attackers used a flash loan method that led to a steal of $182M.
According to CertiK, April 2022 “obtains the title for the most money damages ever recorded by us as a result of flash loan assaults,” with damage costs from this kind of exploit topping $301.4 million. In January, February, and March 2022, flash loan attacks resulted in a total of $6.7 million in losses.
Will the Exploits Continue?
Despite the claim of Web3 being more secure and anonymous for transactions, the blockchain has already seen a large number of stolen money. This led anti-crypto organizations to use these cases as a reason for people and corporations to halt their investments in the crypto market.
However, developers are working tirelessly to make DeFi transactions even more secure than ever before.
