Experts from the analytical platform DeFillama reported that hackers were able to steal more than $6.7 billion from decentralized finance protocols over the past year. The so-called crypto bridges suffered the most.
Hackers were able to take advantage of the growing popularity of DeFi platforms in the crypto community and vulnerabilities in hastily built bridges.
Analyzing the main reasons that led to hacks and theft of assets from decentralized platforms, DeFillama experts report that about 23% of cases were associated with the compromise of private keys, 7% were access control exploits, approximately 5.8% were the result of verification errors, and more 5% through schemes focused on quote oracles.
“Most bridges are built with a Web2 mindset. This is the wrong mental model because every transaction is final and one mistake can cost hundreds of millions of dollars,” Ryan Zarick, co-founder and CTO of LayerZero Labs, commented on the DeFillama study.
The opinion of the head of LayerZero is shared by Erin Plante, vice president of investigations at Chainalysis, who says that crypto bridges have become a popular target for hackers in recent years:
“Bridges are a very attractive target because in many cases they have a central point where escrowed tokens are stored. Regardless of how and where these funds are stored - in a smart contract or with a centralized custodian - this is the point that becomes the target of criminal encroachments.
Hackers were able to take advantage of the growing popularity of DeFi platforms in the crypto community and vulnerabilities in hastily built bridges.
Analyzing the main reasons that led to hacks and theft of assets from decentralized platforms, DeFillama experts report that about 23% of cases were associated with the compromise of private keys, 7% were access control exploits, approximately 5.8% were the result of verification errors, and more 5% through schemes focused on quote oracles.
“Most bridges are built with a Web2 mindset. This is the wrong mental model because every transaction is final and one mistake can cost hundreds of millions of dollars,” Ryan Zarick, co-founder and CTO of LayerZero Labs, commented on the DeFillama study.
The opinion of the head of LayerZero is shared by Erin Plante, vice president of investigations at Chainalysis, who says that crypto bridges have become a popular target for hackers in recent years:
“Bridges are a very attractive target because in many cases they have a central point where escrowed tokens are stored. Regardless of how and where these funds are stored - in a smart contract or with a centralized custodian - this is the point that becomes the target of criminal encroachments.
