The fewest DeFi exploits since 2022 took place in December

The fewest DeFi exploits since 2022 took place in December

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The “lowest monthly number” of the year, according to CertiK, was $62.2 million worth of Bitcoins raised in December, suggesting cryptocurrency hackers and exploiters may have slowed down for the 2022 holiday season.

The $15 million Helio protocol event on December 2 was the month’s biggest, as evidenced by a later tweet on January 1, which further revealed that the top 23 exploits accounted for about 98.5% of the total $62.2 million were responsible.

On December 31, the blockchain security firm tweeted a list of the biggest attacks this month. It found that exit scams brought in the most money over the month, totaling $15.5 million, followed by flash loan exploits, which cost $7.6 million.

The protocol that controls the stablecoin HAY (HAY) suffered a loss when a trader borrowed millions of dollars worth of HAY by exploiting a price difference in Ankr Reward Bearing Stakes BNB (aBNBc).

The second largest occurrence of the month was the $12.9 million flash loan attack, which used a fake collateral token and a malicious price oracle to liquidate the Defrost Finance v1 and v2 protocols on December 23rd.

Back then, another exploit led to the creation of 20 trillion aBNBc by an attacker, crashing the price of the decentralized finance (DeFi) protocol Ankr. The loan was significantly undercollateralized due to the Helio trader’s hasty deposit of aBNBc tokens to borrow 16 million HAY, resulting in a loss for the protocol and a depegging of its stablecoin.

Although payments for the v2 attack have not yet been returned, the hacker returned the funds taken from the v1 log to a Defrost address days after the exploit.

Since an admin key was required to carry out the attack, CertiK classified the problem as an “exit scam”. Defrost defended the key as compromised and told Cointelegraph that the allegations were false.

An 89.5% decrease from the $595 million exploits across 36 significant events reported by CertiK in November – a number surpassed by the $477 million attack on cryptocurrency exchange FTX -dollar has been significantly distorted – the December result is significantly lower than the previous month. The top 10 vulnerabilities of the year alone for 2022 gave attackers access to nearly $2.1 billion, mostly through cross-blockchain bridges and DeFi protocols.

Summary of the news:

Fewest DeFi exploits since 2022 occurred in December. Check all the news and articles from the latest business news updates.

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