At 6am ET on August 10, over half a billion dollars worth of crypto assets were stolen from Poly Network, a cross-chain protocol that facilitates token swaps across multiple blockchains including Ethereum, Binance Smart Chain and Polygon. With the total drained at $600M, this is the biggest DeFi hack in history, dwarfing the $59M EasyFi…

Over the weekend, DeFi traders lost more than $11M across two hacks on Binance Smart Chain (BSC).  On July 10, Anyswap, a decentralized cross-chain protocol, suffered a hack worth nearly $8M of USDC and MIM (Magic Internet Money), a lesser known stablecoin. The exploit happened in the protocol’s new V3 cross-chain liquidity pools. According to…

The defacing of the website for DeFi100-Rebase, a Binance Smart Chain-based index token, has sparked a flurry of speculation about a possible heist and a brazen rug pull.   On May 22, a message materialized on the DEFI 100 website homepage reading: “WE SCAMMED YOU GUYS AND YOU CANT [sic] DO SHIT ABOUT IT HAHA…All you…

xToken, a project which automates staking and liquidity strategies and wraps them into ERC-20 tokens, has been hacked to the tune of ~$25M. The attack resulted in xToken’s TVL dropping by roughly 30% to $63M, according to DeFi Llama. The xSNXa and xBNTa token contracts, for which xToken automates the staking strategies as well as…

With hacks and exploits breaking every week in DeFi, participants are undoubtedly asking where to look for red flags, how to protect their investments and how to vet projects. In this three-part series, we provide a framework to help with just this. Part I analyzed Tokenomics, Part III will analyze mental frameworks, and Part II…

While most of the DeFi community had their eyes glued to the ETH rally over the weekend, hackers took the opportunity to steal mooning assets through several protocol exploits. From Wednesday through Saturday, exploits occurred across three different protocols—Rari Capital, Value DeFi, and within Larva Labs’ Meebits NFT project—resulting in over $22M worth of stolen…

Uranium Finance, an automated market maker on Binance Smart Chain, suffered its second hack this month, this time to the tune of $50M. The hack is due to a misstep in code modification which allowed the hacker to exchange one unit of an input token for 98% of the value as output according to Kyle…

EasyFi, a Compound Finance fork launched directly on the Polygon Layer 2 Network, suffered a major hack on Monday, losing over $60M of the project’s EASY tokens and also $6M of users’ provided liquidity. The hacker gained access to the project’s admin key, which allows developers to make changes to their protocol. The attack is…

ForceDAO, a DeFi hedge fund, was targeted in a hack that resulted in the liquidation of 183 ETH worth of FORCE token. In a post-mortem, the ForceDAO team explained that five hackers exploited a bug in their code which allowed them to deposit FORCE tokens and receive xFORCE tokens in exchange. One of the hackers…

An anonymous hacker has exploited transaction batching  protocol Furucombo and walked away with $15M in stolen crypto over the weekend. The team is pledging to compensate victims. The attacker used a contract which tricked Furuсombo into thinking that their contract was a new version of Aave, and was able to transfer funds of every user…