Over $1.6 Billion Stolen Thus Far In 2022 As DeFi Remains Prime Target For Scammers

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Over $1.6 Billion Stolen Thus Far In 2022 As DeFi Remains Prime Target For Scammers

Decentralized finance (DeFi)and crypto seem to be target number one for scammers as the total amount of funds taken by fraudulent means has eclipsed both 2020 and 2021 combined, with the month of March alone beating 2020 by over $200 million.

By Andrew Senior
May 4th, 2022

The DeFi space has been exploited by hacks and scams since its inception, but so far this year has been the worst of the worst with over $1.6 billion in crypto stolen from users.

April continued to be a busy month for attacks with CertiK recording 31 major incidents, good for an average of nearly one per day. The largest being the the $182 million siphoned from Beanstalk Farms using a quick acting flash loan attack.

CertiK noted that over $90 million was lost by the combination of the Fei Protocol, the second most valuable heist last month, and the $10 million lost from automated market maker protocol Saddle Finance.


CertiK said that April 2022,

“holds the record for highest dollar amount losses in flash loan attacks ever recorded by us.”


The analysis of this year’s DeFi exploits comes as the total value locked into DeFi has dropped below $200 billion for the first time since March 16.


Between April 30 and May 1, total value locked dropped by just over 3.5% to $195.87 billion. The last 30 days since April 3 have seen a 13.5% decrease in total value locked and a nearly 22% decline since the all-time high of over $254 billion on December 2, 2021.

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