2021 has definitely been the year of mainstream crypto adoption as institutions finally realized that it is not a fad and going to become the alternate financial market..
However, with the surge in interest and adoption, the number of security breaches and hacks also reached new highs. According to the latest report from Slowmist, crypto hackers managed to get their hands on a whopping $9.8 billion dollars stolen in various breaches and ransomware attacks.
The Slowmist yearly report also highlighted that the majority of the crypto hacks came from one particualr industry i.e decentralized finance (defi). Nearly 73% of all stolen money from the crypto hacks came from various defi protocols amounting to nearly $7 billion.
The yearly report noted a total of 231 incidents of hacks and security breaches in the crypto ecosystem, and out of these total 231 incidents, 171 were reported from various defi protocols.
While the Defi ecosystem has grown to become one of the most prominent use cases of the crypto ecosystem, it is also one of the most exploited ones. There hasn’t been a single week over the past year when there wasn’t a security breach of any kind.