Hackers have stolen $100 million from decentralized finance (Defi) projects so far this year, according to a new report. Defi accounted for 50% of all hacks and thefts in the second half of the year.
Defi Hacks on the Rise
A new report by cryptocurrency forensics and blockchain threat intelligence firm Ciphertrace shows that $100 million have been stolen from decentralized finance (Defi) this year. The company detailed on Monday:
In first six months of 2020, 45% of all thefts were Defi hacks, equating to about $51.5M — 40% of hacked volume for that time period. So far, in second half of 2020, Defi has dominated 50% of all thefts, equally roughly $47.7M — 14% of hacked volume for this time period.
The report explains that the low volume percentage in the second half of the year is due to the large Kucoin exchange hack of $281 million which occurred in October. Excluding the Kucoin incident, Defi amounted to more than 50% of the total theft and hack volume during the time period. “Despite Kucoin…