In 2021, we saw the loss of nearly $ 2 billion in digital currency space due to cyber attacks. It is interesting to know that the announced numbers are only reported for attacks, and in the meantime, many of Ramzarz's hacking attacks have not been reported for various reasons. More than 1,300 percent of Ramzarz's hacking attacks compared to last year. In 2020, one of the biggest attacks to date was Harvest Finance's $ 34 million loss in a "quick" attack, which is not at all visible in the face of the 2021 hacking attacks.
Here are 10 examples: We will look at some of the biggest hacking attacks in the digital currency space, including the biggest DeFi security attack with more than $ 600 million, which, surprisingly, was a happy ending for all parties involved! Join SafirSoft in this article to explore these attacks together.
Number 10: PANCAKEBUNNY/$ 45 million lost
On May 19, 2021, PancakeBunny, one of the Bainance and Paligan smart chain defense protocols, was the victim of an expedited attack. The hacker used a pancake swap to borrow large amounts of BNB. It then manipulated the USDT/BNB and BUNNY/BNB prices, and in the end, the hacker, who quickly obtained a large amount of BUNNY tokens, sold all of his BUNNY tokens on the market, reducing its price. . Eventually the hacker repaid the borrowed BNBs via pancakes. The attack resulted in the loss of a large fortune worth $ 45 million.
Number 9: URANIUM FINANCE/$ 50 million lost
Uranium Finance is a decentralized exchange (DEX) in the Bainance Smart Chain (BSC). At the end of April 2021, the platform lost $ 50 million in capital during its upgrade process. In this attack, first the DOT and ADA tokens were converted to ether through the decentralized Pancake Swap exchange, and then the Bainance smart chain ether was converted to the ETH of the Atrium network by the AnySwap protocol.
All 80 bitcoins were withdrawn in the same way. It is possible that the attack was carried out by a member of the team, because the white hat hacking process (penetration testing by security experts) had not taken place before the update and transfer to the second version of the Uranium Finance protocol.
Number 8: BELT FINANCE Dollar
One month after the attack on Uranium Finance, another DEX based in the smart chain Bainance, also known as Belt Finance, was attacked, resulting in a loss of $ 50 million. This happened as a result of a quick loan attack.
The attacker used the PancakeSwap platform to manipulate the quick loans. The BeltBUSD pool suffered the most damage, and the hacker stole $ 6.2 million in addition to a total loss of $ 50 million. Like the attack on Uranium Finance, the hacker remained anonymous and the stolen funds were not returned.
Number 7: BZX/$ 55 million lost
bZx is a decentralized margin trading protocol on the BSC and Polygon networks that experienced three malicious attacks in 2020. The bZx worked without any major security issues until November 2021, but on November 5, the protocol was hacked when its private key fell into the hands of an attacker who stole $ 55 million. Both Polygon and bZx networks were hacked in this attack. Margin Trading is a method of trading assets using capital provided by a third party (exchange). Compared to cash or spot trading accounts, margin accounts allow traders to access larger amounts of capital and to use them as leverage to open their trading positions (shorts or longs). Basically, margin trading strengthens the trading results so that traders can make more profits in their successful trades. However, it should be noted that in case of losses, the losses will be very heavy or the property will be liquidated.
Three days after the attack, bZx announced that it was working with digital currency exchanges to recover the stolen funds, but that efforts had so far yielded no results for the losers. Meanwhile, in more recent news, bZx and Ooki, another margin trading protocol, appear to have merged, and the BZRX bZx token has been transferred to the Ooki platform. This The move is likely to be the end of bZx as an independent protocol.
Number 6: EASYFI/$ 59 million lost
EasyFi is a Maltese Layer 2 (multi-chain) lending protocol that was leaked in April 2021 with the private key of its Metamsk wallet, managed by the platform's CEO Ankitt Gaur, about 80 Lost a million dollars. The hacker stole funds from EasyFi's official wallet, and the loss included about $ 6 million from the Stablecoin pools on the platform and $ 53 million in its native EASY tokens.
Four days after the incident , EasyFi discarded the EASY token and introduced a new EZ token to replace it as part of the Hardfork platform. The hacking of EasyFi pools affected Paligan networks, Bainance and Atrium smart chains. Similar to the hacks mentioned above, the attacker of this robbery was not identified.
No. 5: BADGERDAO/$ 120 million lost capital-7.jpg ">
Badger is a lending protocol based on the Atrium network that uses bitcoin as collateral. The platform lost $ 120 million in early December 2021 due to an attack targeting its user interface. The attack affected dozens of users' capital, and it is unlikely that the assets will be returned to users. However, this policy only covers smart contract hacks, not UI violations. Nexus Mutual states that this attack is classified as a "front-end" attack and therefore no compensation will be paid to the victims.
Number 4: PAID NETWORK/$ 127 million lost
Paid Network platform is a decentralized application (DApp) application in Atrium that provides smart contract based services Provides for businesses. The project was hacked using a private key that was stolen.
Using this key, the attacker replaced the original smart contract on the platform with a modified version and was able to burn existing monetary tokens and the amount Create lots of new tokens. Some of the newly created tokens were converted to ETH before being detected in UniSwap.
Number 3: CREAM FINANCE $ 130 million lost
In late October, Cream Finance, a Maltese lending protocol, came under swift attack, stealing about $ 130 million from its atrium-based liquidity pools. No report has been released on whether the funds held in other chains, such as BSC, Phantom, Paligan and Avalanche, have been affected.
However, according to the platform's official statement Only atrium pools are mentioned, it is possible that the attack only targeted pools that are kept in the world's largest defense chain. This was the third Cream Finance hack this year, as just two months before the $ 130 million hack, the platform was hacked and $ 19 million worth of assets were stolen, which was also a quick attack.>
Issue 2: COMPOUND FINANCE/$ 147 million Lost Capital
Compound Finance Platform , An Atrium-based lending and lending protocol, is one of the largest Defy projects with a Locked Asset (TVL) value of more than $ 7 billion at the time of writing. On September 30, 2021, the protocol erroneously paid large sums in the form of its native digital currency to some users who provided only small levels of collateral in the form of ETH, USDC, and DAI. To say that a flaw in the smart contract resulted in the loss of $ 147 million worth of assets seemed doubtful to many experts and users. Or a mistake by the protocol developers. However, Robert Lashner, CEO of Compound Finance, resorted to another way of restoring users' assets. Hours after the incident, he tweeted asking the recipients to return the stolen property. Leschner promised 10 percent of the money as a ransom, and in the same tweet threatened to hand over all wallets in which the stolen assets were kept to the IRS (US Federal Revenue Service) if they did not cooperate. Will report. It is not clear exactly how much of the total money was lost thanks to Lechner's online activities, but it remains to be seen what the project will say in its future statements.
Issue 1: POLY NETWORK $ 610 million lost (returned)
The biggest hack of the Diffie industry to date, on August 10, 2021 Occurred and It belonged to an inter-swap provider called Poly Network. The attacker hacked a smart contract on the platform and transferred a total of $ 610 million to its Atrium addresses and its Binance smart chain.
Money from all three networks used by Poly Network, Atrium Chain Smart Bainance and Paligan were stolen. Losses from Atrium Network 273, Bainance Smart Chain 253 and Paligan $ 85 million were reported. Poly Network asked the hacker to return the funds. The day after the incident, on August 11, the hacker returned about $ 260 million, and on August 12, the hacker took part in an online interview with Poly Network and introduced himself as "Mr. White Hat." The next day, the man assured the platform that he would return all remaining funds, stating that his actions were to show the vulnerability of cryptographic platforms.
By August 23, Mr. White Hat had removed all hacked funds. Returned. But that was not the end of the story, and during the Poly Network online chat, the hacker was offered a $ 500,000 reward for partnering with the platform as a senior security consultant (CSA), both of which were rejected by the biggest hacker in Defay history.>
Statistical Surveys of the Biggest DeFi hacking attacks in 2021
The top 10 hacks of Difi are estimated at $ 1.5 billion a year. This figure also includes funds returned to the platform, such as the Poly Network hack.
as shown As you can see below, in 2020, we saw 16 defa hacks. But in 2021, these attacks have reached 55.
The average amount of assets lost in Each attack in 2021 has also increased significantly compared to the 2020 figure. While in 2020, a Defy hack resulted in an average loss of $ 8.3 million, the corresponding figure for 2021 is close to $ 36 million.
In 2021, we saw a large increase in defy hacks compared to 2020. This year, the biggest defy hack ever recorded took place, which fortunately has been returned. Unfortunately, the other hacks and thefts were not kind to the hackers and the funds were not recovered. All of this is a reminder to any user, developer or operator of Defy that Ramzarz cybercriminals are always looking for vulnerabilities in the platform and defy tools to exploit them.
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