In February 2023, DeFi projects lost about $21.4 million to hacks.

For February 2023, seven incidents left DeFi projects with losses of about $21.4 million, according to data from the DeFi Llama service DeFi Llama.

\n\n

\n\n

The largest loss was from the Platypus Finance protocol for $8.5 million. The attackers used ‘instant loan’ and a flaw in the collateral-check mechanism in the collateral contract.

\n\n

Nevertheless, the team quickly contacted major crypto companies such as Binance, Tether and Circle to freeze and recover the stolen assets. By the end of the month, French authorities arrested two suspects in the Platypus attack.

\n\n

In early February, unauthorisedly withdrew from the BonqDAO protocol approximately 114 million ALBT tokens and 98 million BEUR. Due to the low liquidity of the assets, the hacker was able to partially convert them into Ethereum and DAI for roughly $1.7 million.

\n\n

Also in the early days of the month, the decentralized platform Orion Protocol was affected. The hacker’s haul consisted of assets worth $3 million.

\n\n

At the end of February, the DeFi project LaunchZone on the BNB Chain reported a hack. The loss amounted to $0.7 million, but the protocol’s native token lost 82% in value.

\n\n

Following the hack of the dForce protocol, attackers withdrew assets worth $3.65 million. However, unknown actors returned all assets, acting as white-hat hackers.

\n\n

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

\n\n

In 2020 the project was hacked once before, with losses of about $25 million.

\n\n

In 2022 the Web3-industry suffered losses of about $3.6 billion from 167 major attacks.