{"id":31559,"date":"2020-11-10T20:43:55","date_gmt":"2020-11-10T18:43:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31559"},"modified":"2025-08-28T04:18:27","modified_gmt":"2025-08-28T01:18:27","slug":"ciphertrace-defi-protocol-hacks-surpass-99-million-since-the-start-of-the-year","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ciphertrace-defi-protocol-hacks-surpass-99-million-since-the-start-of-the-year\/","title":{"rendered":"CipherTrace: DeFi protocol hacks surpass $99 million since the start of the year"},"content":{"rendered":"

The amount of funds stolen in 2020 by attackers from decentralized finance protocols reached $99.5 million. The total damage to the crypto industry from hacker activity amounted to $468 million, according to a report by analytics firm CipherTrace<\/a>.<\/p>\n

Experts noted that the DeFi sector appears attractive to hackers due to its unregulated nature and anonymity. Analysts say that the protocols are particularly vulnerable to fraud and money laundering.<\/p>\n

\n

“DeFi protocols, by design, are not subject to censorship. Often this points to a lack of clear regulatory compliance and the possibility of access for anyone without passing KYC. As a result, the sector may serve as a haven for those who launder money,” they explained.<\/p>\n<\/blockquote>\n

In the first half of the year, the amount of funds lost in the DeFi sector to attackers totalled $51.5 million; from July to date, $48 million.<\/p>\n

\"CipherTrace:<\/p>\n

Source: CipherTrace.<\/p>\n<\/div>\n

Analysts included in the sample three successful attacks on the DeFi platform bZx<\/a> with a total damage of $9 million. Also among those named were dForce and Harvest Finance<\/a>.<\/p>\n

The decline in the share of DeFi hacks in the second half of the year is linked to a successful attack<\/a> on the cryptocurrency exchange KuCoin. The hacker managed to withdraw assets worth almost $281 million.<\/p>\n

CipherTrace experts urged DeFi project developers to scrutinise the operation of the smart contracts they create more thoroughly.<\/p>\n

As reported by Atlas VPN, since 2012 the blockchain industry has lost<\/a> more than $13.6 billion as a result of 330 hacker attacks.<\/p>\n

Subscribe to ForkLog news on Telegram: ForkLog FEED<\/a> \u2014 the full feed of news, ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"

The amount of funds stolen in 2020 by attackers from decentralized finance protocols reached $99.5 million. The total damage to the crypto industry from hacker activity amounted to $468 million, according to a report by CipherTrace.<\/p>\n","protected":false},"author":1,"featured_media":31560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1911,44,1093,1515],"class_list":["post-31559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cipher-trace","tag-cybercrime","tag-defi","tag-tracking"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/31559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=31559"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/31559\/revisions"}],"predecessor-version":[{"id":31561,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/31559\/revisions\/31561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/31560"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=31559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=31559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=31559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}