7 DeFi Protocols Lost $21 Million To Hackers In February, DefiLlama ByYuri MolchanPRO INVESTOR Updated: 07 March 2023 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage 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. Fight Out (FGHT) - Train to Earn Crypto Rating CertiK audited & CoinSniper KYC Verified Early Stage Presale Live Now Earn Free Crypto & Meet Fitness Goals LBank Labs Project Partnered with Transak, Block Media Staking Rewards & Bonuses Learn More Join Our Telegram channel to stay up to date on breaking news coverage