This year, more than 250 hacks and $1.4 billion in damage
Bridge attacks increased, nearly half of the losses
In the global virtual asset market alone, more than 250 hacking attacks have occurred this year, and the number of damage cases is nearly doubling in a year.
According to DeFi data analysis platform DefiLlama on the 9th, a total of 250 hacking attacks have occurred in the virtual asset market this year, with the damage alone reaching about $1.4 billion.
Compared to 146 attacks last year that caused $2.7 billion in damage, the amount of damage per incident decreased slightly, but the number of crimes nearly doubled in a year.
Since the birth of the DeFi industry in 2021, the cumulative hacking attack damage has reached $16.5 billion, of which $7.7 billion in DeFi’s own losses and $2.9 billion in bridge-related losses alone.
In particular, this year, unlike last year, hackers are increasingly seeking connectivity between blockchains as well as their own networks.
According to Depyramar, 26 of the total hacks that occurred this year, more than 10%, occurred in bridge and cross-chain infrastructure that connect tokens or information between different blockchains. Last year, only three hacks occurred in bridge and cross-chain infrastructure.
Cross-chain connectivity is considered a key element of DeFi by automating the process of moving and converting various types of digital assets, but it is pointed out that it is becoming a major prey for hackers due to its lack of capacity to verify cybersecurity compared to the number of projects.
A representative example is the recent $320 million massive hacking incident on the Liquid Network linked to Bitcoin.
Earlier in April this year, security accidents worth $293 million and $285 million occurred at the same time in Kelp DAO and Drift Protocol, respectively.
Experts point out that the frequent frequency of hacking and the concentration of certain infrastructure pointed out by DeFi Rama are the biggest obstacles to the virtual asset market’s entry into the institutional sphere.
“Continued vulnerability attacks demonstrate that DeFi is not yet ready to meet the standards of mainstream institutions,” Nicheel Lagubira, CEO of Predicate, told Bloomberg. “The vulnerability of one infrastructure could hit the entire ecosystem, such as wallets with affected tokens or market makers supplying liquidity.”
“Recent accidents clearly show that vulnerabilities exist in the operating and infrastructure layers, not in the underlying consensus mechanism,” said TRM Labs, general manager of Asia-Pacific policy.
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