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🥷 Bridges Ransacked By Hackers: DeFi Week of July 2
![The Defiant](/_next/image?url=%2Ffavicon.png&w=256&q=75)
Weekly Recap
Happy weekend Defiers!
The web3 markets cooled following last week’s bullish momentum. Despite most top crypto assets losing up to 4% this week, research from DappRadar showed ETH and BTC outperformed all global benchmark assets by at least 100% during the first six months of 2023.
The slight market retracement came as hackers exploited two popular cross-chain bridging protocols during the week.Poly Network, which is known for suffering the second-largest DeFi exploit on record, was exploited again last Sunday when a hacker minted trillions of tokens from thin air via the protocol. Despite liquidity restraints for selling all of the loot, the attacker realized more than $10M from the exploit.