ImmuneFi reports DeFi hackers and losses of $10B in 2021

Decentralized finance or DeFi, security platform and bug bounty service ImmuneFi released an official report on Thursday, which calculated the total loss of the cryptocurrency market in 2021. According to its report, the company found that malicious activities that caused losses due to hacker attacks, fraud and other reasons exceeded 10.2 billion US dollars in the past year.

ImmuneFi is responsible for protecting many well-established DeFi protocols (including Synthetix, Chainlink, SushiSwap, and PancakeSwap, etc.) with assets valued at more than 100 billion U.S. dollars, and regularly provides white hat hackers and other well-meaning entities with seven-figure payments to prevent agreement compromises.

according to ReportIn 2021, there were 120 encryption exploits or fraudulent attacks. The most valuable hacker was Poly Network, valued at 613 million U.S. dollars, followed by Venus and BitMart, at 200 million U.S. dollars and 150 million U.S. dollars, respectively.

Other notable entries on the list are Alpha Finance and Cream Finance, both of which were hacked for $37.5 million. 11 million U.S. dollars yearning for finance, Furucombo’s $14 million evil contract exploit,as well as The infamous Alchemix reverse carpet After the platform’s smart contract synthetic asset alETH had a withdrawal problem, users of the platform claimed to have obtained a gratifying wealth of US$6.5 million.

Compared with the previous year, the frequency and number of security breaches increased significantly in 2021. In the previous year, 123 incidents were recorded, with a total of 4.38 billion U.S. dollars, an increase of 137%.

In a conversation with Cointelegraph, the CEO and founder of Immunefi, Mitchell Amador talked about his optimism about the future of on-chain security, even though he described the year as a “year of huge losses” for the industry.

“Despite the emergence of brand new loopholes in the on-chain economy, the community is quickly adapting. In Immunefi alone, we have saved twice as much as we lost due to exploitation this year, and security best practices are circulating throughout the community.”

Amador cited ImmuneFi in promoting Polygon recently paid $3.47 million to two white hat hackers Because they played an important role in avoiding the so-called “critical” loopholes in the Genesis contract for proof of network equity, this puts almost all of the $10 billion MATIC token supply at risk.

Related: Retelling the biggest DeFi hack in 2021

Last September, ImmuneFi organized the The biggest bounty in DeFi history The famous white hat programmer Alexander Schlindwein (Alexander Schlindwein) avoided the potential risk of $10 million in errors in the automated market maker (AMM) agreement Belt Finance.

Schlindwein received a total of US$1.05 million in compensation, of which US$1 million was provided by Belt Finance, with ImmuneFi acting as an intermediary, and the remaining US$50,000 was provided by Binance Smart Chain’s Priority One program.

In October, ImmuneFi Announces Financing of US$5.5 Million Investments from many institutional investors, including Blueprint Forest and Electric Capital, aim to expand their security services to the entire DeFi industry and work together to reduce the prevalence and financial impact of well-intentioned security breaches in this field.