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Attacks on DeFi Increased by 63%

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ByMarcel Bich

Jul 28, 2023
Attacks on DeFi Increased by 63%
Marcel Bich
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Losses during the quarter were sizable and had grown significantly from the year’s beginning. The BNB and Ethereum networks were the main targets of hacks in the second quarter, which caused the majority of these losses.

When compared to the same quarter last year, attacks against decentralized finance (DeFi) increased in the second quarter, although overall financial theft declined. The second quarter of this year had 81 attacks, up from the same period in 2023, a considerable rise in the number of attacks. When compared to the same time in 2022, losses did, however, decline throughout this period.

Methods Used by Attackers to Steal Funds in DeFi

The DeFi business suffered losses as a result of theft and illegal activity as well as hacking occurrences, which made up a sizable amount of the harm. The overall losses during this time period were impacted by notable events like the Atomic Wallet attack and the Fintoch banking platform fraud in May.

Regions Where Hackers are Targeting DeFi Platforms

Since theft caused significant losses in the DeFi industry in 2018, it is anticipated that it will decline in 2023. In comparison to the previous year, more assaults were made against the BNB and Ethereum networks in particular. The second quarter of 2023 saw a dramatic increase in targeted assaults, according to data from the Arbitrum network.

 
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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.