DeFi projects lost $21M from hacks in February

In February 2023, as a result of seven incidents, DeFi projects suffered damage in the amount of approximately $21.4 million, according to the service. DeFi Llama.

The $8.5 million exploit of the Platypus Finance protocol turned out to be the largest in terms of losses. The attackers used an “instant loan” and a logical error in the solvency check mechanism in the collateral contract.

However, the team promptly contacted the largest cryptocurrency companies like Binance, Tether and Circle to freeze and return the stolen assets. At the end of the month, French law enforcement officers arrested two suspects in the Platypus attack.

In early February, an unknown person withdrew approximately 114 million ALBT tokens and 98 million BEUR from the BonqDAO protocol without authorization. Due to the low liquidity of the assets, the hacker was only able to partially convert them into Ethereum and DAI in the amount of approximately $1.7 million.

Also in the first days of the month, the decentralized platform Orion Protocol suffered. Assets worth $3 million became the hacker’s prey.

At the end of February, the DeFi project LaunchZone based on the BNB Chain network reported about the hack. The damage amounted to $0.7 million, but the native token of the protocol lost 82% in price.

After hacking the dForce protocol, the attackers withdrew assets worth $3.65 million. However, unknown persons returned all the assets, acting as white hackers.

2/5 Shortly after the incident, we entered into conversations with the exploiter, who came forward as a whitehat. We have agreed to offer a bounty and will drop all on-going investigation and law enforcement actions.

— dForce (@dForcenet) February 13, 2023

In 2020, the project has already been hacked, the damage from which amounted to about $25 million.

Recall that in 2022, the damage to the Web3 industry from 167 major attacks amounted to about $3.6 billion.

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