Recent Surge in Attacks on DeFi Protocols and Crypto Businesses
- At least 12 DeFi protocols and crypto businesses have been attacked since April, following the $280 million exploit of Drift Protocol on April 1.
- Rhea Finance suffered a loss of approximately $7.6 million due to a vulnerability in its Margin Trading feature.
- The Grinex exchange suspended operations after a hack that resulted in losses of $13.7 million.
- Other notable attacks include a reserve manipulation attack on Binance Smart Chain’s TMM/USDT pool, costing around $1.67 million.
- In total, over $168.6 million was stolen from various DeFi protocols in Q1 of this year.
The recent wave of attacks highlights vulnerabilities within the DeFi space, exacerbated by advanced social engineering tactics reportedly linked to North Korean-affiliated groups.
As reported, Rhea Finance lost about $7.6 million due to an exploit targeting its Margin Trading feature, reflecting ongoing security challenges in the crypto sector.
