Defi Sectors Faces More than $7B Loss So Far : Reports

A record loss can be seen in the Defi based projects. According to the report of CipherTrace, the Defi sector faces a total loss of $474 million in January to July. 

The Defi concept seems much old for now in the current situation of the crypto revolution. But still huge numbers of loopholes & vulnerabilities in blockchain coding exist in the present time, which are responsible for huge Defi attacks. A record of CipherTrace shows that the Defi sector faces huge losses because of such Defi based platform attacks.

According to the reports based on the cryptocurrency intelligence firm CipherTrace, The record of Defi space in terms of hack has been broken. A total $474 million loss took place because of the Defi hits between January to July. 

It should be noted here, Attack on the PolyNetwork is worth more than $600 million. Since the hackers claimed that he will return the stolen crypto assets through a multi signature wallet. But at the time of writing this article, he did not release the stolen funds. 

Related: Poly Network exploiter says ” failed to contact the Poly”

So if we consider the record of last day’s Defi attack on PolyNetwork, then the Defi attacks surged by more than 100% over last 7 month records, which is really a measurable situation for Defi based projects.

According to the records of the CipherTrace, in 2019 and 2020, losses amount is $4.5 billion and $1.9 billion respectively. Whereas this year that number has only reached $681 million till the end of July. 

So a total $6.4 billion scam/hack/fraud/loss/attack happened in the Defi ecosystem in a total two year record of 2019-20020. This year this is going to add more $1 billion loss. 

This situation is really full of drama for Defi because every project which wants to prove themself best, should go with traditional finance as well as Decentralised finance platform. But the attacks and hacks in Defi based exchanges are causing big problems for those projects which want to go through a new launch. And also it is a big problem for those projects which are already on Defi based platforms. 

Either developers should have to fix the vulnerability & loopholes of Defi or they should close those open mouths of the Defi network which are responsible for such attacks.

Read also: Metromile bought Buys $1 Million in Bitcoin