Hackers stole $120 million via 15 DeFi hacks in 2020
January 1, 2021, 11:30AM EST
1 min read
DeFi exploded in popularity in 2020 — and so did stealing from DeFi platforms. In all, there were 15 hacks of DeFi platforms amounting to $120 million funds being stolen.
Hackers nabbed bounties ranging from $135,000 and $25 million, according to The Block Research. Only $45.6 million was recovered.
One protocol — bZx — was exploited twice in February via a contract bug that let the hacker execute a flash loan attack that netted around 1,200 ETH.
The DeFi hack with the largest stolen sum was Lendf.me’s $25 million attack. A reentrancy attack vector allowed a hacker to interact with a token contract as if they had lots of collateral, which they didn’t. The attacker then stole all the assets on the platform, only to subsequently return them.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.