$284 Million Lost to DeFi Hacks – Messari

According to data from Messari, since the year 2019, hackers have exploited over $284 million from the DeFi space. In a recent tweet, Messari gave details of the total number of hacks the ecosystem has suffered in the past two years.

Details such as the date of the exploitation, the protocol that was exploited, the amount and the percentage Total Value Locked (TVL) of the asset was presented in the data. So far, the amount that has been exploited amounts to 0.3% of the TVL in the DeFi space. The DeFi space currently boasts of an aggregate TVL of over $117 billion.

Messari Details Famous Hacks in DeFi

Since the DeFi sector started gaining attention, a lot of hacks have occurred. A lot of these hacks were as a result of gullible smart contract codes on the part of Blockchain programmers. Some protocols that have been recently hacked include Homora, Yearn Finance, Cover Protocol and Pickle Finance.

Source: Messari

Based on the amount hacked, BzX protocol has recorded one of the largest losses in the DeFi space. The BzX protocol has been attacked several times, losing a sum of $8 million in one instance. dForce protocol has also suffered a huge setback, losing $25 million at one time.

The most popular DeFi hack, however, is that of Uranium. The BSC Uranium lost a huge sum of $50 million when it was exploited. However, reports indicate that the hackers have still been unable to cash out the funds exploited.

Despite the numerous attacks the DeFi space has had to deal with, the ecosystem keeps growing and users have not been discouraged to the point of totally backing out. However, the metrics from Messari reveals one fact. There is a gap in the market for decentralized insurance.

At the moment, insurance protocols for the DeFi space such as Nexus Mutual and Etherisic are growing consistently. While these niche is experiencing encouraging growth, more insurance protocols are needed in the DeFi space.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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