In February, the decentralized finance (DeFi) industry suffered from seven major hacks, resulting in the loss of over $21 million in cryptocurrencies. DefiLlama, a DeFi aggregator, reported on the attacks, with the largest being the flash loan reentrancy attack on Platypus Finance.
The first hack occurred on February 1, when BonqDAO was exposed to an oracle attack that allowed the hacker(s) to manipulate the price of the AllianceBlock (ALBT) token. The hacker then minted a large number of BEUR, which was swapped for other tokens on Uniswap.
The second hack was the flash loan reentrancy attack on Platypus Finance, which resulted in the loss of $6.5 million. The attacker exploited a vulnerability in the smart contract to repeatedly borrow and repay funds, draining the platform’s reserves.
The third hack was the $3.8 million attack on BurgerSwap, where the attacker exploited a vulnerability in the smart contract to mint and sell a large number of tokens.
The fourth hack was the $2.8 million attack on Cream Finance, where the attacker exploited a vulnerability in the smart contract to borrow and steal funds.
The fifth hack was the $2.4 million attack on Alpha Homora, where the attacker exploited a vulnerability in the smart contract to borrow and steal funds.
The sixth hack was the $1.9 million attack on PancakeBunny, where the attacker exploited a vulnerability in the smart contract to borrow and steal funds.
The seventh and final hack was the $1.1 million attack on DODO, where the attacker exploited a vulnerability in the smart contract to steal funds.
These attacks highlight the need for increased security measures in the DeFi industry. While the industry has seen tremendous growth in recent years, it is still in its early stages and vulnerable to attacks. DeFi platforms must prioritize security and implement measures to prevent such attacks from occurring in the future.
