2023-10-14 20:30:00

Barely halfway and October already the biggest month in crypto hacks: Finance Redefined

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Cointelegraph
By Prashant Jha

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights a newsletter crafted to bring you significant developments over the last week.

October is historically associated with the bulls, but in 2022, the month has also become the leader in crypto hacks as barely halfway through, and the DeFi ecosystem has already seen nearly a dozen hacks resulting in losses of hundreds of millions of dollars.

The largest hack occurred on Solanas DeFi platform Mango Markets on Oct. 11, resulting in a loss of over $100 million worth of crypto. The hacker has now come out to demand $70 million in USD Coin (USDC) stablecoin as a bounty to return the stolen crypto.

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In another hack, TempleDAO was exploited for $2 million on the same day as Mango Markets exploit.

Moving on from the hacker exploits, DappRadar, a DeFi analytic firm, came out with its side of the explanation on why its calculation about daily active users in the $1.6 billion metaverse ecosystem Decentraland came to less than 40.

The top 100 DeFi tokens faced bearish pressure throughout the week, with some relief coming late on Thursday. The majority of the tokens traded in red on the weekly charts, barring a few and the total value locked (TVL) dipped below $50 billion.

Barely halfway and October is the biggest month in crypto hacks: Chainalysis

Blockchain analytics firm Chainalysis has labeled October 2022 as the biggest month in the biggest year ever for hacking activity, with the total hacked value for the month nearly reaching $718 million.

Continue read on cointelegraph.com

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