A new DeFiYield REKT listing reveals an 18% reduction in lost DeFi funds totaling $170 million in September. DeFi coins saw more than $60 billion in funds disappear in 2022. However, there is a continuing downward trend in the losses recorded in September.
Here are the DeFi Coins that lost the most funds
The DeFi investment and green farming platform DefiYield tracks exploited projects in the DeFi ecosystem through the REKT database. Since January 2022, it has identified over $60 billion in lost or stolen funds at 1,195 events, including Terra Luna. Examples include the Ronin, Nomad and Wormhole Bridge.
About $2.4 billion was recovered over the same period. This is just under 5% of the total loss. Until August, most of the losses occurred outside the Ethereum ecosystem. However, as the chart below shows, since the beginning of August, more than 90% of lost funds have occurred on the Ethereum network.
There was a staggering $212,927,092 loss in August. The Nomad Bridge hack alone cost $190 million. Other losses included the Solana Slope wallet incident, ZBExchange, Reaper Farm and Acala Swap. The most obvious attack in August totaled $3.5 million in Dragoma. A few high-value rug pulls were also from two NFT platforms, HeroCat and SudoRare.
Data reveal some reduction in losses
Funds stolen or lost fell 18% in September. However, due to vulnerabilities and attacks, the DeFi ecosystem lost $170 million. The Wintermute hack was the largest part of the stolen funds, with $160 million. The orange dollar amounts below show the projects’ loss of funds.
Last month’s hack victim DeFi coins
Three flash loan attacks occurred in the first 10 events of September. New Free DAO, DAO Officials, and Cauldron all fell victim to flash-loan attacks worth $2,001,622. Many attacks saw funds transferred to Tornado Cash and potentially interacted with the sanctioned platform, tainting the stolen funds. However, a few key hacks, including Wintermute, saw funds being controlled by the hacker’s wallet.
So far in October, an average of $5.9 million a day has been lost in less than a week. If the trend continues, October will break the downtrend. The biggest exploit in October was the Transit Swap smart contract hack, which reached $29 million. However, $18.9 million has already been recovered. It put DeFi’s October net loss at just $10.1 million. The chart above shows the downward trend in DeFi losses through 2022. Both August and September saw nine-figure losses. These months mark the two lowest recorded for the year.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.