This Week in Hacks
'Evolved Apes' NFT Developer Disappears with - $2.7 Million in Ether
Evolved Apes, a collection of 10,000 Ape NFTs anonymous developers known as Evil Ape vanished with NFTs worth 798 ETH or $2.7 Million. The official website and Twitter handles of Evolved Apes were deleted last week.
Liquid Network’s Block Generation halted for 7 hours
Liquid Network, a Bitcoin side-chain network for faster Bitcoin trades by Blockstream experienced no block generation for more than seven hours after a recent network upgrade hard fork implementation.
Compound Finance again mistakenly Shelled - $68.8M
Compound Finance again mistakenly distributed a total of 202,472 COMP tokens worth $68.8 Million to affected users. While they tried to fix issues in the liquidity mining token distribution smart contract, they caused another issue yet again. Compound Finance governance passed proposal 064 for making things normal. Last week, Compound Finance mistakenly distributed COMP tokens worth $80 Million.
Auto Shark Finance fell to Flash-Loan Attacks
AutoShark Finance, a DeFi protocol on Binance Smart Chain fell victim to flash-loan attacks. The hacker could use flash-loans to occupy most of the mining pool, and at the same time, exchange transaction fees were obtained. The hacker made a profit of 3.18 FINS in multiple transactions. The hacker afterwards exchanged looted FINS for 1,388 BNB, earning a profit of $580,000 (Approx.)
Liquid Hard Fork Diagnostic Report by Liquid Network team.
The Analysis of Sky-High Gas Fee by SlowMist.
Inside the Security Audit Process of a DeFi Protocol by Blockzero Labs.
hGetting Started in Blockchain Security and Smart Contract Auditing by Blackhills Information Security.
How Not to Get Rekt - DeFi Hacks Explained by Finematics.
DeFi in Numbers
DeFi hacks accounted for 76% of major hacks in 2021 by Atlas VPN .
More From Editor’s Desk
In June of last year, TVL reached a value of about $1 billion in cryptocurrencies put in DeFi apps. According to data from DeFi Pulse, the TVL number has surpassed the $60 billion barriers and peaked at more than $90 billion in October’21.
DeFi TVL is off to another strong start in 2021, and has increased almost 300 percent year to year. Retail investors and institutions are increasingly recognizing the potential of DeFi as an investment opportunity in a decentralized financial services ecosystem.
Checkout “how to get started with your DeFi protocol?” In 5 easy Steps -