Several events marked the year 2021, if we only take into account the world of cryptocurrency and blockchain. The good things and the worst have alternated over the 360 days or so leading up to this day. Allow us to come back a bit to the hacks that affected the cryptosphere during this period.
DeFi protocols vandalized by hackers
10 acts of crypto-hacking took place this year, resulting in a loss of over $ 1.5 billion. An amount that will not leave anyone indifferent since it refers to an average of $ 159.2 million per attack.
If we take into account the modus operandi of hackers in 2020, it is fair to say that they have decided to act differently in this year 2021. They have indeed targeted funds in DeFi protocols (such as Compound, Poly Network and Cream Finance) instead of only attacking centralized exchanges (CEX). Note that Cream Finance was unfortunate enough to have experienced recurring attacks during the aforementioned period.
1- Poly Network
611 million is the dollar equivalent of currencies in ether (ETH), tether (USDT) and NEO of the value taken by these malicious people from Poly Network in August 2021. We can even say that they will have right to an entry on the Guinness Book of Records because of this sum that no one has been able to steal since the advent of the internet.
BitMart had also complained about the theft of nearly $ 196 million following the disappearance of private keys from its wallets. Until now, the pirates have vanished into the wild carrying a good fortune that no one has been able to trace.
$ 30 million is the sum that a daring Compound user was able to withdraw from the $ 140 million in COMP which had become vulnerable during a bug on the platform. Fortunately, the promoters of the project were able to correct the bug in time, otherwise the damage would have been amplified.
4- Vulcan Forged
Very recently, the NFT Vulcan Forged marketplace experienced an act of hacking from outside. Leaving 96 client wallets emptied of their holdings, a total of $ 140 million, or 23.7% of the circulating supply of this cryptocurrency. Fortunately, the managers of the company were able to reimburse the victims of this hack on time. Note, however, that the PYR token suffered a devaluation, one third of its value, two days after this unfortunate event.
5- Cream Finance
This year, Cream Finance suffered from two acts of cryptocurrency hacking, the largest of which caused the loss of $ 130 million. Obviously, it was its users who paid the costs of this barbaric act. Except that on occasion, the thief was none other than a holder of CREAM LP who carried out an attack called ” flash loan “.
In early December, Badger also mentioned a racketeering of $ 120 million at the level of his platform. The cause: a hacker was able to compromise an API key in it and took the opportunity to inject malicious code.
The day of December 12 was very dark for the AscendEx team. Because she has noticed an intrusion in one of her hot wallets on occasion. Which is the cause of a loss of about $ 77 million. A series of reimbursements for victims were announced after this finding.
It is by penetrating the computer of an EasyFi administrator that the hacker was able to enter his pockets stuffed with 59 million dollars (53 million EASY tokens and 6 million stable coins). The success of his mission depended on installing a malicious version of MetaMask.
9- Uranium Finance
Uranium Finace, another DeFi platform out of Binance’s Smart Chain, admitted losing $ 50 million (calculated based on the trading value of stolen assets) in April. Its mission would not have been successful without the appropriation of the logic of modification of the project in question.
Still a DeFi platform, but this time specializing in loans, which suffered a phishing attack and attacks flash loan to be taken, without being able to do anything, the sum of $ 55 million very early in the year. The hacker used a process of exploiting his wobbly code to do this.
Taking into account these barbaric acts, it can be said that a horde of hackers are ready to break into any crypto platform at any time. There are multiple operating methods and they know how to spot the right moments to act. Roll on more sophisticated security measures such as insurance offers to deal with this scourge.
The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy in this world, against all hope, I will say that I was there for something