7 DeFi Protocols Lost $21 Million To Hackers In February, DefiLlama

• What – Last year saw many crypto firms and exchanges lose vast amounts of money to scammers.
• Why – According to Chainalysis, decentralized finance was the biggest victim of 2022 crypto hacks.
• What Next – Fast-forward to 2023, DeFi continues to be the target for these bad actors, as the protocols have already lost more than $20 million in February.

An Immunefi report revealed that DeFi lost up to $678 million in the second quarter of last year 

A recent report from DefiLlama revealed that 7 decentralized finance protocols lost $21 million last month, February 2023. 

DefiLlama Lists 7 DeFi Protocols Hacked in February 

In its report, the Defi-centric data analytics hub revealed the seven DeFi protocols as follows: 

• Platypus Finance 

The first protocol to lose a large amount was Platypus Finance. The protocol suffered a flash loan reentry attack that led to a loss of $8.5 million in funds. 

• BonqDAO

This protocol suffered an oracle attack on February 1, leading to a loss of $1.7 million. The bad actor increased the price of the AllianceBlock (ALBT) token and minted large amounts of BEUR, which it later swapped for others on Uniswap. 

• Orion Protocol

Orion protocol lost $3 million on February 2 through a reentry attack. The bad actors used a malicious smart contract to collect the funds from the target. 

• dForce Network 

The DeFi protocol also lost $3.64 million in February through a reentrancy attack. But later, the white hacker returned all funds to the protocol. 

• Hope Finance 

Hope Finance lost $1.86 million due to a smart contract exploit on February 20. The hacker changed the details of the smart contract and drained the funds in the Hope Finance genesis protocol

• Dexible and LaunchZone

Last month, the two other hacks were Dexible, with a loss of $2 million on February 17, and LaunchZone, which recorded a loss of $700,000.

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