Massive Sums of Cryptocurrency were Stolen in DeFi Breaches, Last Quarter

The crypto industry has gone parabolic when implementing decentralised technology after the record-breaking DeFi summer of 2020. The industry has been racing to reinstall traditional financial services in the decentralised world throughout the last year, dramatically boosting the DeFi business. However, the unbridled expansion of DeFi came at a cost — $2.3 billion, to be exact. That was the total amount of cryptocurrency taken in DeFi breaches and robberies last year, an increase of 1,330 per cent from 2020. According to most recent data analysis, this pattern has intensified in 2022 and may suffer much more as the year passes. The report discovered $1.26 billion worth of cryptocurrency stolen through DeFi protocols in the first quarter of 2022, according to a report published. For the full year of 2021, this represents 55% of all DeFi thefts. Ronin Network Attack The Ronin Network attack took half of this sum, which saw roughly $615 million worth of ETH and USDC syphoned from the bridge between the Ronin Chain and the Ethereum mainnet. This pattern has continued throughout the second quarter of the year. On April 17th, the DeFi platform Beanstalk Farms suffered a $180 million loss due to a vulnerability that allowed a hacker to pass a governance proposal that syphoned all of the protocol’s cash into the hacker’s wallet. A hacker used a vulnerability in the DeFi protocol Zeed on April 22nd to steal over $1 million in funds bef...