codefragility
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🚨 SECURITY ALERT: Hacks Surge 10X! $127M Lost in November
The decentralized finance (DeFi) ecosystem suffered a catastrophic security regression in November, confirming that "Code Fragility" is the industry's biggest threat.
10x Spike: Total losses from exploits and hacks surged by nearly 1,000% month-over-month.
Total Damage: The industry lost approximately $127 million (CertiK) to $194 million (PeckShield) in November alone.
Vector Shift: Smart contract vulnerabilities have reclaimed the title of the primary attack vector, exposing deep flaws in code.
📉 Major Incidents:
Balancer & Forks: The largest impact came from the Balancer v2 exploit and its forks, costing the DeFi space $137.4 million (though some was recovered).
Upbit & Others: Major losses were also recorded from centralized exchanges (Upbit, ~$30M, blamed on Lazarus Group) and DeFi protocols like Yearn Finance (~$9.1M).
🔥 Key Takeaway: This massive surge in exploits is contributing to the recent market downturn and severely damaging institutional and investor confidence in DeFi protocols.
👉 Action: Always double-check contract approvals, use multi-sig wallets where possible, and prioritize protocols that have undergone rigorous, multi-firm audits!
#CryptoSecurity #DeFiHacks #balancer #CodeFragility #Web3Security @TheStakerX $DEFI
The decentralized finance (DeFi) ecosystem suffered a catastrophic security regression in November, confirming that "Code Fragility" is the industry's biggest threat.
10x Spike: Total losses from exploits and hacks surged by nearly 1,000% month-over-month.
Total Damage: The industry lost approximately $127 million (CertiK) to $194 million (PeckShield) in November alone.
Vector Shift: Smart contract vulnerabilities have reclaimed the title of the primary attack vector, exposing deep flaws in code.
📉 Major Incidents:
Balancer & Forks: The largest impact came from the Balancer v2 exploit and its forks, costing the DeFi space $137.4 million (though some was recovered).
Upbit & Others: Major losses were also recorded from centralized exchanges (Upbit, ~$30M, blamed on Lazarus Group) and DeFi protocols like Yearn Finance (~$9.1M).
🔥 Key Takeaway: This massive surge in exploits is contributing to the recent market downturn and severely damaging institutional and investor confidence in DeFi protocols.
👉 Action: Always double-check contract approvals, use multi-sig wallets where possible, and prioritize protocols that have undergone rigorous, multi-firm audits!
#CryptoSecurity #DeFiHacks #balancer #CodeFragility #Web3Security @TheStakerX $DEFI
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