All DeFi hacks of 2020

2020 was a bad year for major DeFi projects as hackers were able to steal $154 million in 17 major DeFi exploits. Hackers were able to detect team exit scamming for some but for others, hackers exploited the DeFi network.

But if we take in consideration the return of the funds from some of the attacks then we will come up with a $94 million being hacked overall in 2020.

Here are the DeFi projects who lost thousands or even millions of USD sorted by amount of USD lost:

1. bZx (350,000$)

February, 14: bZx platform got hacked where 350,000$ were stolen.

Hacking Method: Flash Loan Attack.

2. Opyn (371,260$)

August, 4: Opyn platform got hacked where 371,260$ were stolen.

Hacking Method: “Double Exercise” attack.

3. Balancer Protocol (449,740$)

June, 29: Balancer Protocol platform got hacked where 449,740$ were stolen.

Hacking Method: Flash Loan Attack.

4. bZx (650,000)

February, 18: bZx platform got hacked again where 650,000$ were stolen.

Hacking Method: Flash Loan Attack.

5. Akropolis (2,000,000$)

November 12: Akropolis platform got hacked where $2 million were stolen.

Hacking Method: Flash Loan Attack.

6. Cover Protocol (3,000,000$)

December 28: Cover Protocol platform got hacked where $3 million were stolen.

Hacking Method: Infinite Mint (stolen funds returned).

7. DeFi Value (7,400,000$)

November, 14: DeFi Value platform got hacked where $7.4 million were stolen.

Hacking Method: Flash Loan Attack ($2 million returned by hacker)

8. Origin Protocol (7,700,000$)

November, 16: Origin Protocol got hacked where $7.7 million were stolen.

Hacking Method: Flash Loan Attack

9. Warp Finance (7,700,000$)

December, 17: Warp Finance platform got hacked where $7.7 million were stolen.

Hacking Method: Flash Loan Attack

10. bZx (8,100,000$)

September, 13: bZx platform got hacked for a third time where $8.1 million were stolen.

Hacking Method: Mint bug (bZx has allegedly restored all of the stolen funds)

11. Nexus Mutual (8,300,000$)

December, 14: Nexus Mutual platform got hacked where $8.3 million were stolen,

Hacking Method: Hacker tricked Hugh Karp (Nexus Mutual CEO) into signing a transaction.

12. Compounder (9,800,000$)

December, 1: Compounder platform made an exit scam where $9.8 million were stolen.

Hacking Method: Team rug-pulled investor’s funds.

13. Sushi Swap (13,808,454$)

September, 5: Sushi Swap platform made an exit scam where 13,808,454$ were stolen.

Hacking Method: Founder Chef Nomi made “rug pull” attack

14. Eminence Finance (15,000,000$)

September, 28: Eminence Finance platform got hacked where $15 million were stolen.

Hacking Method: Flash Loan Attack

15. Pickle Finance (19,700,000$)

November, 21: Pickle Finance platform got hacked where $19.7 million were stolen.

Hacking Method: Complex attack on the protocol

16. Harvest Finance (24,000,000$)

October, 26: Harvest Finance platform got hacked where $24 million were stolen.

Hacking Method: Flash Loan Attack

17. Lendf.me (25,000,000$)

April, 19: Lendf.me platform got hacked where $25 million were stolen.

Hacking Method: Re-entry attack (hacker allegedly returned the stolen funds).

Conclusion:

Since the DeFi technology is very new it attracts a lot of hackers due to unexperienced project owners while building their project, besides that the market of DeFi is growing quite a lot and scammers, fraudsters and hackers are on the rise. That’s why project owners must be involved in the DeFi evolution and always make security checks which can be very challenging.