- One of many greatest is the payday mortgage repossession assault towards Platypus Finance.
- DefiLlama has highlighted seven notable hacks in February.
- The primary hack in February was the value oracle assault on BonqDAO.
In line with knowledge from DeFi aggregator DefiLlama, greater than $21 million in cryptocurrency was stolen by hackers from DeFi platforms in February.
Within the knowledge report, DefiLlama highlighted seven main hacks totaling $21 million.
Seven Large February DeFi Hacks
1. $1.7 million BonqDAO hack
The Bonq protocol was uncovered on February 1, 2023 to an oracle assault that allowed hackers to control the value of the AllianceBlock (ALBT) token.
The hacker modified the value of the ALBT token upwards after which minted a lot of BEUR which had been then exchanged for different tokens on Uniswap. The hacker then dropped the value of ALBT to nearly zero, triggering the liquidation of ALBT trovers.
Within the course of, the hacker solely managed to steal round $1 million attributable to lack of liquidity.
2. $3 million Orion Protocol hack
The next day (February 2, 2023), the decentralized trade Orion Protocol misplaced round #3 million to a re-entry assault.
The hackers used a malicious sensible 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. Nevertheless, the hacker later returned all the cash.
dForce confirmed the return of the funds on February 13, saying:
“On February 13, 2023, the leveraged funds had been absolutely returned to our multi-sig on each Arbitrum and Optimism, an ideal ending for everybody.”
4. $9.1 million Platypus Finance hack
DeFi protocol Platypus Finance misplaced roughly $8.5 million via a fast mortgage assault on February 16, 2023.
An post-mortem of the hack revealed that the hacker exploited a code that was out of order.
The Platypus Finance crew later confirmed the second and third exploits resulted in an extra $667,000 loss, bringing the full losses to roughly $9.1 million.
Nevertheless, French police arrested two suspects associated to the hack and seized roughly $222,000 in cryptocurrency belongings on February 25.
5. $2 million Dexible hack
On February 17, Multichain Trade aggregator Dexible misplaced round $2 million in cryptocurrency after the aggregator was hit by a hacker focusing on the app’s selfSwap function.
The hacker exploited a vulnerability within the app’s newest sensible contract that allowed them to steal funds from wallets that had unused spending approval for the contract. The attacker(s) withdrew tokens through Twister Money to unknown BNB pockets addresses.
6. $1.86 million Hope Finance hack
On February 20, the arbitrage-based algorithmic stablecoin undertaking, Hope Finance, misplaced round $2 million after a sensible contract exploit.
The cash was stolen from customers’ accounts.
7. $700,000 LaunchZone hack
The LaunchZone hack that brought about the protocol’s authentic token, LaunchZone (LZ), to plummet was the final of the key DeFi hacks in February. It occurred on February twenty seventh leading to a lack of round $700,000 in cryptocurrencies.
The hacker allegedly exploited the vulnerability of an unverified sensible contract to empty belongings from the platform.
Conclusion
DefiLlama’s February figures present a rise from January figures which had been $740,000 from two DeFi hacks – ROE Finance and Midas Capital.
In line with crypto breach studies, DeFi protocols misplaced round $3.1 billion in crypto belongings to hackers in 2022, which is over 82% of the full cash misplaced to hacks within the broader cryptocurrency market.
