Hackers raked in $657 million in 44 DeFi exploits last month after returning around $100 million to several platforms.
Last month was pretty horrible for the crypto industry as it saw the highest number of DeFi hacks this year.
Although October was expected to be “Uptober,” it quickly turned to “Hacktober” as cybercriminals ransacked top crypto projects for hundreds of millions of dollars.
Hackers Steal $760 Million From DeFi Protocol
A recent tweet by blockchain security firm PeckShield indicated that October was the biggest month for hacking activities this year. The DeFi market suffered 44 exploits affecting 53 protocols in the 10th month, with hackers raking in $760.2 million.
According to PeckShield, the largest amount was stolen from the BNB Chain mining operation causing hackers to wipe a whopping $586 million from the blockchain network. Next up is Solana-based crypto lender Mango Markets, mined for $100 million.
Hackers stole $15.8 million from crypto shipping platform, Team Finance, by taking advantage of a bug in the Version 2 to Version 3 migration of the protocol.
$100 million in stolen funds recovered
PeckShield noted that the hackers returned about $115 million from stolen funds to the platforms that were mined in what could be called a silver lining amid so many losses.
An example of this is the Mango Markets hacker, identified as Avraham Eisenburg. He claimed that his actions in the exploit were legal.
After negotiation and community voting, Mango reached an agreement with Eisenburg, who returned $67 million to the project and walked away with about $50 million.
$3 Billion Stolen from DeFi in 2022 Doubled in 2021 Losses
A series of attacks last month made 2022 a more profitable year for hackers than last year. According to a report by PeckShield, the hackers recovered $3 billion in stolen funds, double the $1.5 billion worth of crypto assets lost in 2021.
Since the beginning of the year, total value locked (TVL) in DeFi protocols has also been disappointing. TVL has dropped dramatically from over $150 billion at the start of the year to approximately $56 billion.
Read more: Bitcoin could become the foundation of DeFi with more single-sided liquidity pools
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