5 months, 7 thefts, 35 million US dollars, why did DeFi become a cash machine for hackers?

深链财经

特邀专栏作者

2020-07-09 08:00 (UTC+8)

This article is about 3364 words, reading the full article takes about 5 minutes

Low-cost, high-return, hacker's DeFi "investment method".

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Low-cost, high-return, hacker's DeFi "investment method".

Editor's Note: This article comes fromDeepChain (ID: deepchain-eva), Author: Mark, reproduced by Odaily with authorization.

Editor's Note: This article comes from

DeepChain (ID: deepchain-eva)

, Author: Mark, reproduced by Odaily with authorization.

Since the beginning of this year, DeFi has become a new trend in the blockchain. Many DeFi projects, including COMP, which has skyrocketed by 166 times, have seen a market that makes people smash their thighs, and the funds locked in DeFi have also risen steadily to 2.08 billion US dollars. , has become a well-deserved hot topic in the field of cryptocurrency.

However, this hot spot of decentralized finance, where wealth flows, has also been targeted by hackers...

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$35 million stolen in six months

An investment of around $1,500, with a return of $900,000.

At the moment when the market is bleak, such an impressive earnings performance is the envy of everyone. However, not everyone has such strength and courage, because it was a hacker who completed the business.

On July 1, a hacker attack occurred on the DeFi platform Uniswap. A hacker stole 910,000 VETH with only 0.9 ETH, completing the above-mentioned business with low investment and high return.

And just two days before the incident, another DeFi platform also had a hacking incident.

On June 29, a hacker used dydx's flash loan to continuously trade deflationary coins on Balancer, and took advantage of the system's mechanism loopholes to steal cryptocurrency worth 500,000 US dollars.

Unexpectedly, on the same day, hackers repeated their tricks, attacking COMP trading pairs in some of Balancer’s liquidity pools, and stole COMP worth 10.8ETH.

In a short period of time, the successive incidents of hackers stealing coins have surprised many investors in the cryptocurrency field.

In fact, hacking attacks are not uncommon in the DeFi field. DeepChain deep chain statistics found that a total of 5 hacking incidents occurred in the last 5 months.

Please see the following form for details:

DeFi is an open financial protocol based on an open source protocol. It uses blockchain technology to integrate with the current cryptocurrency financial system, eliminates third-party intermediaries such as banks, and allows users to use decentralized financial services to complete lending , Using mortgage arbitrage and other activities.

For DeFi platforms and projects, the most important issue is to ensure security, which is the basis for them to compete with traditional centralized finance, acquire users, and expand their influence. After all, users of every financial platform or product are unwilling to see property damage, no matter whether it is DeFi or CeFi in front of them.

With the occurrence of various incidents of hackers stealing fund pools, it can be seen that users have more and more doubts about the security of DeFi projects. After all, after being patronized by hackers, it is normal to lose everything.

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The biggest DeFi theft event: $25 million stolen from dForce

Several incidents of theft of DeFi projects that occurred at the beginning of this year have only gained attention on a small scale. It wasn't until dForce's stolen $25 million broke out that the security issue of DeFi aroused widespread heated discussion.

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At 8:45 on April 19, Lendf.Me, a lending platform in the dForce ecosystem, was hacked at block height 9899681.

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For hackers, there is another more advanced attack method. There is no problem with a single DeFi project, but a combination of DeFi protocols can be used to attack DeFi projects and withdraw assets.

bZx's first attack method