The security platform and decentralized reward service, or DeFi, released an official report on Thursday that calculated the total losses in cryptocurrency markets in 2021. According to the report, the company found that losses due to hacking, fraud and other malware activities exceeded $ 10.2 billion during the past year.

ImmuneFi is responsible for over $ 100 billion in asset protection for a range of well-established DeFi protocols including Synthetix, Chainlink, SushiSwap, and PancakeSwap, and regularly provides seven-figure payments to white hackers and other charities to prevent protocol violations.

According to the report, 120 cases of fraudulent movements of cryptocurrency or rye were reported in 2021, with the highest penetration rate of $ 613 million, Polynetwork, followed by Venus and Bitmart with $ 200 and 150 million, respectively.

Other notable entries on the list include Alpha Finance and Cream Finance, both of which were hacked for $ 37.5 million, Yearn.finances with $ 11 million, Furucombo’s malicious use of a $ 14 million contract, and the infamous Alchemix inverted carpet, as users greeted. platforms. This. The $ 6.5 million fortune stemmed from an issue with withdrawals from one of the smart contract platform’s synthetic assets, alETH.

2021 saw a dramatic increase in the frequency and size of security breaches over the previous year, when 123 incidents were reported for a total of $ 4.38 billion, an increase of 137%.

In an interview with Cointelegraph, Mitchell Amador, CEO and founder of Immunefi, spoke about his optimism about the future of network security, despite what he called a “year of major losses” for the industry.

“Despite the emergence of completely new vulnerabilities in the on-chain economy, society is rapidly adapting. At Immunefi alone, we have saved twice as much as we lost through operations this year, and best practices are spreading across the community. ”
Amador cited ImmuneFi’s role in facilitating a recent $ 3.47 million payment to Polygon (MATIC) to two white-hat hackers for their role in preventing what has been described as a “serious” vulnerability in the Proof-of-Stake contract. all $. 10 billion MATIC tokens are under threat.

Related Topics: Covers the Biggest DeFi Hack Events in 2021

Last September, ImmuneFi orchestrated what was then considered the biggest award in DeFi history to famed programmer Alexander Schlindwein for avoiding the potential $ 10 million bug crisis in Automated Marketer, or AMM, the financial belt protocol.

Schlindwein received a total of $ 1.05 million in compensation, of which $ 1 million was provided by Bilt Finance through ImmuneFi, and the remaining $ 50,000 was provided by the Binance Smart Chains Priority Program.

In October, ImmuneFi announced a $ 5.5 million capital increase from a number of institutional investors, including Blueprint Forest and Electric Capital, to expand its security services to the DeFi industry as part of a coordinated effort to limit its reach and economic impact. From the charitable guard uses the room.

Source: CoinTelegraph

LEAVE A REPLY