Halborn Security Report: $7.35 billion lost in the top 100 DeFi hacking attacks within 7 years, with 80% of the projects being unaudited.
Foresight News, the blockchain security company Halborn has released a security report that analyzes the top 100 DeFi hacking incidents that occurred between 2016 and 2023, with a total loss of $7.35 billion, the majority of which occurred on Ethereum, BNB Chain, and Polygon. On-chain hacks such as smart contract exploitation, price manipulation, and governance attacks are the most common, but off-chain attacks such as private key theft account for 29% of the total number of attacks and 34.6% of the stolen funds.
Halborn also warned that most on-chain attacks occurred on protocols that were not audited, with only 20% of the hacked protocols having been audited. The lack of proper input validation or the exploitation of vulnerabilities in the smart contracts are the main reasons for the losses. Cross-chain bridges remain a key attack vector for malicious actors, and protocols should "carefully review the code" before deploying cross-chain bridges.
