• Over $21 million in crypto funds were stolen from seven DeFi protocols in February, according to data from DefiLlama.
• The largest attack was reentrancy on Platypus Finance that resulted in a loss of $8.5 million.
• Other notable attacks included an oracle attack on BonqDAO and a reentrancy attack on Orion Protocol.
DeFi Protocols Lose $21 Million In February
DeFi project aggregator DefiLlama reported that decentralized finance (DeFi) platforms lost over $21 million to hackers throughout the month of February. 3859 Total views 62 Total shares Listen to article 7:38 News Own this piece of history Collect this article as an NFT
Reentrancy, price oracle attacks and exploits across seven protocols caused the losses. The largest attack was a flash loan reentrancy attack on Platypus Finance which led to $8.5 million being stolen. The other noteworthy hacks included an oracle attack on BonqDAO resulting in a loss of around $1.7 million and a reentrancy attack on Orion Protocol leading to roughly $3 million being stolen.
Orion Protocol CEO Alexey Koloskov confirmed the attack, assuring users that their funds were safe and secure, however investigations revealed that hackers had only cashed out around $1 million due to a lack of liquidity on BonqDAO. Blockchain security firm PeckShield estimated the losses for the BonqDAO hack to be around $120 million but hasn’t released any further information regarding its findings so far.
Security Measures Taken
In order to prevent further losses, Orion Protocol has not reopened its Deposit function until they feel confident that the bug has been fixed after passing new audits from leading audit firms. It is unclear if other DeFi platforms have taken similar measures as there has been no official word yet regarding any security updates carried out by them yet since these incidents took place last month
The DeFi space saw multiple hacks take place throughout February resulting in millions of dollars worth of crypto funds being stolen due to various vulnerabilities such as price oracle attacks and reentrancy exploits across several protocols including Platypus Finance, BonqDAO, and Orion Protocol . Although some security measures have been taken by certain platforms it remains uncertain whether all affected protocols have done enough for now to ensure similar situations don’t occur again in future as well