Latest Examples of DeFi Exploits: Euler and Poolz Finance Frauds Continue to Posit Dangerous Risks
A Chainalysis report reveals that $3.8bn in digital assets were lost to malicious attacks on smart contracts platforms in 2022. Decentralized finance (DeFi) suffered the bulk of the attacks with SlowMist’s report revealing cross-chain bridges, where Ronin, Wormhole, Nomad, and Harmony bridges were exploited for losses exceeding $1.2bn, and DeFi contract vulnerabilities. Smart contract audit firm CertiK revealed 303 cases of security compromise, with an aggregated loss of around $3.77bn, much of which was associated with DeFi. Another blockchain security firm, PeckShield, identified the recent attack on Euler Finance, which saw an attacker siphon nearly $200m worth of crypto. As reported earlier this week, Poolz Finance was hacked, stealing $390,000 on the Polygon and Binance Smart Chain. In addition, Hedera posted technical issues, disguising a loss of liquidity pools tokens, which some suggested was a smart contract exploit.