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

Updated: 07 March 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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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