• Decentralised finance (DeFi) lost $1.4 billion to exploits and bugs this year so far, but more than half of that has been returned.
  • The net loss comes up to around $680 million, according to The Block’s Data Dashboard.
  • Flash loans are the most common exploits of DeFi protocols as seen during the sale of a’ CryptoPunk non-fungible token (NFT) for an eye-popping $532 million last week.

Decentralised finance (DeFi) applications have been growing multi-fold this year, and so have the exploits to undermine their utility. The good news is that despite the number of hacks rising, there are signs of recovery too.

According to data from The Block’s
Data Dashboard, there was a whopping 1.4 billion taken from DeFi protocols so far this year due to exploits and bugs. However, $760 million was subsequently returned resulting in a net loss of $680 million.

The DeFi industry has been growing at a breakneck pace since 2020. According to DeFi Llama, the
total value locked in DeFi has risen to a massive $254 billion so far, up over 40 times since October last year. At the time, the total value locked in these platforms amounted to about $8.5 billion.

The total value locked away on decentralised finance (DeFi) protocols is at all an all-time-high of $245.5 billionDefi Llama

Ethereum leads in terms of the number of exploits, which isn’t surprising given that it’s the most popular blockchain platform used in these services. The platform along with the Binance Smart Chain…

Read more…