Reentrancy, price oracle attacks, and exploits across seven protocols caused the decentralized finance space to bleed at least $21 million in crypto in February. How do DeFi platforms improve security?
, one of the largest in the month was the flash loan reentrancy attack on Platypus Finance, which led to $8.5 million of funds lost.
Blockchain security firm PeckShield estimated the losses to be around $120 million; however, it was later revealed hackers reportedly onlyof roughly $3 million through a reentrancy attack, where attackers used a malicious smart contract to drain funds from a target with repeated withdrawal orders.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
7 DeFi protocol hacks in Feb sees $21 million in funds pilfered: DefiLlamaDeFi project aggregator DefiLlama has revealed data showing that DeFi platforms were hit with seven noteworthy attacks throughout February, resulting in over $21 million in losses.
Read more »
Forget time-consuming DeFi practices — Simple solutions for auto-farmingDeFi is still in its infancy, yet companies are competing to offer the most convenient and high revenue-generator tools. The latest developments in the space are explored
Read more »
Decentralized Exchange Pancakeswap to Launch Version 3 Iteration in April – Defi Bitcoin NewsDeFi platform Pancakeswap announced that the team plans to launch its version three (v3) iteration of the platform during the first week of April 2023.
Read more »
Crypto funding seen shifting from CeFi to DeFi after major collapses: CoinGeckoDigital asset investors poured more into DeFi projects than ever before in 2022, with funding rocketing 190% to $2.7 billion compared to 2021. CeFi however, went the other way.
Read more »
How are crypto launchpads revolutionizing the DeFi industry?The Web3 capital ecosystem has its own version of accelerator programs in crypto launchpads. But are these beneficial models?
Read more »
US: Ford Significantly Increased BEV Sales In February 2023Ford increased its battery electric vehicle sales in the US compared to a year ago. In February, the company sold 3,523 BEVs (up 68 percent year-over-year).
Read more »