As a researcher with extensive experience in the decentralized finance (DeFi) sector, I find it encouraging to see that losses from hacks have significantly declined in April compared to the previous months. The 67% reduction in hacking-related losses to $60 million is a promising sign of improvement and represents the first notable decline in 2024. This decrease indicates that security measures and protocols in the DeFi space are becoming more robust, making it a less attractive target for malicious actors.
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As a researcher studying the Decentralized Finance (DeFi) sector, I’ve noticed that there’s been a significant decrease in funds lost to hacks. In April 2023, the amount stolen dropped by approximately 67% compared to March, with only $60 million being taken as opposed to the $187 million in the previous month. Interestingly enough, the hackers behind the Hundred Finance exploit moved the stolen funds for the first time since the incident nearly a year ago.
As a data analyst, I’ve noticed an intriguing development in the Bitcoin ecosystem. Specifically, I’ve observed that Stacks, a Bitcoin layer-2 platform, experienced a significant increase in its active user base. This surge in activity can be attributed to the growing interest in Bitcoin Decentralized Finance, or BTCFi. In simpler terms, more people are exploring ways to use decentralized financial applications built on the Bitcoin blockchain through Stacks.
The past week saw the leading 100 DeFi tokens experience another bearish phase, but by the week’s end, there was a sudden surge of bullish energy. Despite this, the combined value locked in DeFi protocols stayed below the $90 billion mark.
Losses from crypto hacks plunge 67% in April to $60 million
In April 2024, the total worth of cryptocurrencies that were compromised through hacking dropped by an alarming 67% to approximately $60.2 million, signifying a substantial decrease in crypto-related cyberattacks – marking the first significant reduction observed in this year.
Approximately two-thirds of the amount hacked in March – $187.6 million – represents a significant decrease when compared to the massive heist of $360.8 million worth of digital assets that occurred in February. This information was disclosed in a post dated May 1 by on-chain security firm PeckShield.
Stacks active accounts reach record high amid growing interest in Bitcoin DeFi
The number of active users on Stacks, the foremost Bitcoin layer-2 network, has hit a new record high. This surge is attributed to heightened curiosity in Decentralized Finance (DeFi) applications specifically built on the Bitcoin blockchain.
During the month of April, the number of active Bitcoin (BTC) accounts hit an all-time record high of 122,497, as reported in a May 2 update from Bitcoin data provider Signal 21. This figure represents unique addresses that have executed at least one transaction.
Based on the increasing number of record accounts, it appears that there’s rising enthusiasm for BTCFi. This observation emerges about a week following the 2024 Bitcoin halving and the commencement of Runes – a novel protocol enabling the issuance of fungible tokens on the Bitcoin network.
Hundred Finance hacker moves stolen assets a year after $7 million exploit
As a researcher studying the DeFi (Decentralized Finance) world, I’ve come across an intriguing development concerning the hacker who managed to pilfer $7.4 million from Hundred Finance around a year ago. Recent activity on the blockchain indicates that this cybercriminal has now started transferring the stolen crypto assets.
As a crypto investor, I can share that on May 1st, I discovered that over $800,000 worth of Ether (ETH) and Tether (USDT) had been withdrawn from Curve’s decentralized exchange where I had provided liquidity more than one year prior.
Following the withdrawal of the funds, the hacker exchanged USDT and other digital currencies for Ethereum (ETH), thereby augmenting their ETH stash by over a million dollars.
Curve Finance awards dev $250,000 for finding reentrancy vulnerability
A security expert was given a reward of $250,000 after uncovering a past weakness exploited by hackers to steal millions from cryptocurrency systems.
As a crypto investor, I’ve come across some troubling news today. A pseudonymous cybersecurity researcher named Marco Croc from Kupia Security has uncovered a reentrancy vulnerability in the popular DeFi protocol, Curve Finance. In a thread on X platform, he detailed how this bug could be exploited to manipulate balances and ultimately withdraw funds from liquidity pools. It’s crucial that we stay informed about these developments to protect our investments.
DeFi market overview
According to the data from CryptoMoon Markets Pro and TradingView, the past week was bearish for the top 100 cryptocurrencies in the Decentralized Finance (DeFi) sector based on market capitalization. A significant number of these tokens experienced price declines when observed on their weekly charts. Furthermore, the total value locked within DeFi protocols dipped below $90 billion.
I’m glad you found our recent summary on this week’s significant developments in DeFi informative. Tune in next Friday for more compelling stories, valuable insights, and educational content as we continue to delve deeper into the ever-evolving world of decentralized finance.
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2024-05-03 22:35