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.