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DeFi Hack: $100 Million Stolen From Projects in 2020

DeFi Hack: $100 Million Stolen From Projects in 2020
  • Various DeFi hacks have nabbed $100 million from DeFi projects in this year alone.
  • Among these, the most notable crypto hack this year was from the KuCoin cryptocurrency exchange, totalling $281 million.
  • The Total Value Locked (TVL) of all DeFi platforms is $13.48 billion at the time of writing.

Various DeFi hacks have nabbed $100 million from DeFi projects in this year alone. That’s about 50% of all instances of crypto hacks that happened in 2020.

According to a report by CipherTrace, hackers stole up to $51.5 million from various DeFi protocols and exchanges in the first half of 2020 alone. Even though the second half of the year is not done, DeFi projects lost $47.7 million to crypto hacks.

defi adds $100 million to 2020 thefts

As the chart shows, roughly 40% of the volume of cryptocurrency hacks came from DeFi protocols during the first quarter. In the second quarter, 14% of crypto-related hack amounts were from DeFi as well.

Among these, the most notable crypto hack this year was from the KuCoin cryptocurrency exchange, totalling $281 million. Moreover, hackers laundered the stolen funds through DeFi platforms.

This year’s DeFi hack figures have skyrocketed compared to last year’s statistics, wherein DeFi was practically negligible. CypherTrace suggests that this is because of the 2020 DeFi boom, wherein a lot of DeFi lending protocols, decentralized exchanges (DEXs), and liquidity platforms have risen.

Regardless, the crypto market remains bullish for DeFi, as native tokens of DeFi platforms continue to have market value. Despite the number of DeFi hacks, then continue to support these platforms and practice yield farming. As a matter of fact, the Total Value Locked (TVL) of all DeFi platforms is $13.48 billion at the time of writing, according to dedicated listing site DeFiPulse.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.