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DeFi Projects Hacked For $21 Million

In February, there were losses in DeFi initiatives. According to DeFi project aggregator DefiLlama, hackers stole more than USD 21 million from the platforms in February.

Gezim Osmani by Gezim Osmani
9 March 2023
in Cryptocurrency
Reading Time: 2 mins read
0
Playtpus Financial Investments Suffer Biggest Losses

DeFi projects suffered hacking losses in February. According to DeFi project aggregator DefiLlama, hackers stole more than $21 million from the platforms in February. Most of these stolen funds were lost due to cybersecurity levels.

The abuse of the decentralized financial protocol (DeFi) continues! DeFi project aggregator DefiLlama, which published statistics on a series of attacks in February, reported that the total damage was at least USD 21 million.

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Playtpus Financial Investments Suffer Biggest Losses

Although more than one company suffered losses, Platypus Finance stood out as the company with the most losses. DefiLlama’s data on the USD 21 million losses also includes information on specific platforms. According to the report, hackers attacked Platypus Finance’s rating on February 16 and stole about $8.5 million.

The attack was caused by faulty matrix code, according to a report from Platypus’ auditor Omniscia. On February 23, the team stated that it had reissued about 78% of the frozen stablecoins in the main pool and had started the process of returning them. In addition, the team confirmed a new event of $8.5 million and $667,000 and stated that the February loss was $9.1 million.

The Smallest Financial Loss Was Reported By LaunchZone

LaunchZone, a DeFi technology based on the BNB blockchain, lost $700,000 to hackers in February. According to blockchain security firm Immunefi, the attack occurred on Feb. 27 because an attacker used an unverified contract to obtain money.

DeFi Projects Hacked For $21 Million

Total Loss Of More Than $20 Million

DefiLllama claims the damage is at least $21 million, according to the shared list. By 2021, $3.1 billion would have been compromised and the DeFi sector does not appear to have resolved the security issue with the hackers. The monetary value of the hacker attacks that exploited numerous vulnerabilities in February and the platforms that suffered losses break down as follows:

  • BonqDAO – $1.7 million
  • Orion Protocol – $3 million
  • dForce Network – $3.65 million
  • Platypus Financing – US$9.1 million
  • Hope Finance – $1.86 million
  • Dexible – $2,000,000
  • LaunchZone – $700,000
  • 740,000 for Midas Capital and ROE Finance.

In addition to these companies, there are also individual losses. Of course, in order to identify them, it is necessary that they are disclosed or have very large movements on the stock exchange. For this reason, it is important to be aware of the right moves.

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Gezim Osmani

Gezim Osmani

Senior Journalist, Content editor Hi there! My name is Gezim, and I'm a Senior Journalist covering crypto and fintech. I have a passion for technology and finance, and I've spent years following the latest trends in the industry. My goal is to make complex financial concepts accessible to my readers. I strive to provide insightful analysis and explain the latest developments in the world of crypto and fintech in a way that is easy to understand. I believe that knowledge is power, and I want to empower my readers to make informed decisions about their finances. In addition to my professional pursuits, I also love to take photos. I find that photography allows me to capture moments and emotions in a way that words cannot. Whether I'm traveling to a new city or exploring the great outdoors, I always have my camera with me. Photography is a way for me to express my creativity and connect with the world around me. When I'm not working or taking photos, I also enjoy hiking and spending time in nature. There's something about being outside and surrounded by natural beauty that brings me peace and clarity. I also love to read, and I'm always seeking out new books and articles to expand my knowledge. Overall, I'm driven by a desire to help people understand the complex world of finance and technology. Through my writing, photography, and other pursuits, I'm committed to creating content that inspires and informs my readers. I believe that everyone has the potential to achieve financial success, and I'm here to help them along the way. I would love to connect and see how we can work together to shape the future of crypto anf fintech. Let's connect and see where our shared interests and expertise can take us!

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