DeFi platforms misplaced over $21M to hackers in February: DefiLlama information

• One of many largest is the flash mortgage reentrancy assault on Platypus Finance.
• DefiLlama has highlighted seven noteworthy hacks in February.
• The primary hack in February was the value oracle assault on BonqDAO.

Based on information from DeFi aggregator DefiLlama greater than $21 million in cryptocurrencies was stolen by hackers from DeFi platforms in February.

Within the information report, DefiLlama highlighted seven main hacks that quantity to $21 million.

Seven main February DeFi hacks

1. $1.7 million BonqDAO hack

Bonq protocol was on February 1, 2023, uncovered to an oracle assault that allowed the hacker(s) to control the value of the AllianceBlock (ALBT) token.

The hacker altered the value of the ALBT token upwards after which minted numerous BEUR which was then swapped for different tokens on Uniswap. The hacker then decreased the value of ALBT to nearly zero triggering the liquidation of ALBT trovers.

Within the course of, the hacker solely managed to steal about $1 million resulting from an absence of liquidity.

2. $3 million Orion Protocol hack

On the next day (February 2, 2023) decentralized trade Orion Protocol misplaced about #3 million by way of a reentrancy assault.

The hackers used a malicious good contract to steal funds utilizing repeated withdrawal orders.

3. $3.65 million dForce Community hack

On February 10, a white hat hacker stole about $3.65 million in crypto. The hacker nevertheless later returned all of the funds.

dForce confirmed the return of the funds on February 13 saying:

“On Feb. 13, 2023, the exploited funds have been absolutely returned to our multi-sig on each Arbitrum and Optimism, an ideal ending for all.”

4. $9.1 million Platypus Finance hack

DeFi protocol Platypus Finance misplaced about $8.5 million by way of a flash mortgage assault on February 16, 2023.

A postmortem of the hack revealed that the hacker took benefit of a code that was within the flawed order.

The Platypus Finance group later confirmed the second and third exploits that resulted in one other $667,000 loss, bringing complete losses to round $9.1 million.

The French police, nevertheless, arrested two suspects associated to the hack and seized round $222,000 in cryptocurrency property on February 25.

5. $2 million Dexible hack

On February 17, Multichain trade aggregator Dexible misplaced about $2 million price of cryptocurrencies after the aggregator was hit by a hacker focusing on the app’s selfSwap operate.

The hacker exploited a vulnerability within the app’s latest good contract permitting them to steal funds from wallets that had unspent spend approval on the contract. The attacker(s) withdrew the tokens by way of Twister Money into unknown BNB pockets addresses.

6. $1.86 million Hope Finance hack 

On February 20, arbitrum-based algorithmic stablecoin undertaking, Hope Finance, misplaced about $2 million after a sensible contract exploit.

The funds have been stolen from customers’ accounts.

7. $700,000 LaunchZone hack

 The LaunchZone hack which brought on the protocol’s native token, LaunchZone (LZ),  value to nosedive was the final of the main DeFi hacks in February. It befell on February 27 leading to a lack of about $700,000 in cryptocurrencies.

The hacker reportedly leveraged the vulnerability of an unverified good contract to empty property from the platform.

Conclusion

DefiLlama’S February figures present an increase from January figures which stood at $740,000 from two DeFi hacks –ROE Finance and Midas Capital.

Based on crypto crime stories, DeFi protocols misplaced about $3.1 billion price of crypto property to hackers in 2022, which is over 82% of the full funds misplaced to hacks throughout the broader cryptocurrency market.