Research: DeFi and cross-chain bridges are inferior in security to crypto exchanges

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Blockchain security agency SlowMist has released a report stating that hackers stole $1.043 billion from DeFi protocols and bridges in the first half of 2022.

Experts note that hackers hacked and removed assets from seven inter-network bridges, where from January to June there were security problems and exploits. For comparison, cryptocurrency exchanges in January-June 2022 lost $100 million due to hacks and violations of security protocols. That is, the authors of the report conclude, crypto exchanges suffered fewer losses due to security issues than DeFi and bridges.

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The authors claim that the total amount of stolen assets from crypto exchanges amounted to about $77 million. The document mentions attacks on decentralized exchanges such as Uniswap and KLAY Swap. The $600 million Ronin hack in March was one of the largest cyberattacks in the history of cryptocurrencies. The agency’s list also includes Wormhole, Optimism and other major victims of hacker attacks.

SlowMist analysts note that in the first half of 2022, hackers actively used the Tornado Cash cryptocurrency mixer to hide the origin of transactions. Including several times – after hacking DeFi protocols.

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More than $2.4 billion worth of assets stolen by hackers were withdrawn from Tornado Cash. This is 74.6% of all digital assets stolen as a result of exploits in DeFi and bridge projects.In July, analytics firm BestBrokers warned that the decentralized finance market had become a favorite target for hackers due to large amounts of venture capital money and security concerns.

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Source: Cryptocurrency

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