DeFi platforms misplaced over $21M to hackers in February: DefiLlama information

• One of many largest is the flash mortgage reentrancy assault on Platypus Finance.
• DefiLlama has highlighted seven noteworthy hacks in February.
• The primary hack in February was the worth oracle assault on BonqDAO.

In keeping with information from DeFi aggregator DefiLlama greater than $21 million in cryptocurrencies was stolen by hackers from DeFi platforms in February.

Within the information report, DefiLlama highlighted seven main hacks that quantity to $21 million.

Seven main February DeFi hacks

1. $1.7 million BonqDAO hack

Bonq protocol was on February 1, 2023, uncovered to an oracle assault that allowed the hacker(s) to govern the worth of the AllianceBlock (ALBT) token.

The hacker altered the worth of the ALBT token upwards after which minted a lot of BEUR which was then swapped for different tokens on Uniswap. The hacker then decreased the worth of ALBT to virtually zero triggering the liquidation of ALBT trovers.

Within the course of, the hacker solely managed to steal about $1 million resulting from a scarcity of liquidity.

2. $3 million Orion Protocol hack

On the next day (February 2, 2023) decentralized alternate Orion Protocol misplaced about #3 million by a reentrancy assault.

The hackers used a malicious good 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. The hacker nevertheless later returned all of the funds.

dForce confirmed the return of the funds on February 13 saying:

“On Feb. 13, 2023, the exploited funds have been totally returned to our multi-sig on each Arbitrum and Optimism, an ideal ending for all.”

4. $9.1 million Platypus Finance hack

DeFi protocol Platypus Finance misplaced about $8.5 million by a flash mortgage assault on February 16, 2023.

A postmortem of the hack revealed that the hacker took benefit of a code that was within the incorrect order.

The Platypus Finance workforce later confirmed the second and third exploits that resulted in one other $667,000 loss, bringing whole losses to round $9.1 million.

The French police, nevertheless, arrested two suspects associated to the hack and seized round $222,000 in cryptocurrency belongings on February 25.

5. $2 million Dexible hack

On February 17, Multichain alternate aggregator Dexible misplaced about $2 million value of cryptocurrencies after the aggregator was hit by a hacker focusing on the app’s selfSwap operate.

The hacker exploited a vulnerability within the app’s latest good contract permitting them to steal funds from wallets that had unspent spend approval on the contract. The attacker(s) withdrew the tokens by Twister Money into unknown BNB pockets addresses.

6. $1.86 million Hope Finance hack 

On February 20, arbitrum-based algorithmic stablecoin mission, Hope Finance, misplaced about $2 million after a sensible contract exploit.

The funds have been stolen from customers’ accounts.

7. $700,000 LaunchZone hack

 The LaunchZone hack which induced the protocol’s native token, LaunchZone (LZ),  worth to nosedive was the final of the main DeFi hacks in February. It occurred on February 27 leading to a lack of about $700,000 in cryptocurrencies.

The hacker reportedly leveraged the vulnerability of an unverified good contract to empty belongings from the platform.

Conclusion

DefiLlama’S February figures present an increase from January figures which stood at $740,000 from two DeFi hacks –ROE Finance and Midas Capital.

In keeping with crypto crime stories, DeFi protocols misplaced about $3.1 billion value of crypto belongings to hackers in 2022, which is over 82% of the entire funds misplaced to hacks throughout the broader cryptocurrency market.