DeFi protocols lost $10.5 billion since early 2021

by in DeFi News

Defi

A study by Elliptic says that users of projects deployed in the DeFi market have lost $ 10.5 billion since the beginning of 2021 as a result of hacker attacks and fraudulent schemes. Last year, the damage was only $ 1.5 billion.

According to DeFiLlama, in June 2020, the value of funds blocked in the decentralized finance market was about $ 1 billion. This year, this amount has skyrocketed to $ 250 billion.

At the same time, analysts remind, the number of users of DeFi-protocols has sharply increased. The most popular blockchains for applications are Ethereum, Solana, and Binance Chain. The worst-hit were the protocols deployed on Ethereum.

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The researchers emphasized: "Many projects have been launched by startups with weak cybersecurity and transaction tracking. It was this factor that made them attractive targets for attackers, from lone hackers to nation-states."

Ethereum-based DeFi protocols have lost about $ 8.6 billion. The damage to projects on Binance Chain from cybercriminals has been $ 2.5 billion since the beginning of last year.