Gold Protocol launch on BNB Chain suffers $2 million hack on its debut day
In the ever-evolving world of decentralised finance (DeFi), security breaches have become an unfortunate reality. Here's a rundown of some of the most significant attacks on DeFi protocols in recent years.
Last year, the Polter Finance platform suffered a devastating loss of $12 million. The attacker, using cunning tactics, managed to gain $1.9 million worth of cryptocurrency. In a swift move, the attacker converted the stolen funds into BNB-based Ether (ETH). It was later discovered that the funds were deposited to Tornado Cash through an Ethereum bridge with Across.
Another notable incident occurred in 2021, when the Cream Finance protocol was hacked, resulting in a loss of $130 million. The attacker, once again, used a flash loan to exploit vulnerabilities in the DeFi contract design, draining nearly all the BUSD tokens from the protocol.
The biggest flash loan attack to date took place in March 2023, where $197 million was stolen from Euler Finance. The hacker's method was similar to the one used in the Cream Finance attack, manipulating the price of a token using an oracle-manipulation tactic and using the 'dEaD' address as the recipient to bypass limits.
One of the most dramatic price drops was seen in the NGP token following an attack on the New Gold Protocol in 2025. The attack resulted in a loss of $223 million from the Cetus protocol based on Sui. The attacker manipulated the price of the NGP token and drained nearly all the funds, causing the token's price to plummet 88%.
In response to the $223 million hack on Cetus, the Sui Foundation issued a loan for user compensation. This proactive measure demonstrated the importance of community support in the face of such attacks.
These incidents serve as a stark reminder of the need for continuous vigilance and improved security measures in the DeFi space. As the industry grows, so too does the potential for exploitation. It is crucial that protocols and users alike remain vigilant and informed to protect their assets.
Read also:
- Mural at blast site in CDMX commemorates Alicia Matías, sacrificing life for granddaughter's safety
- Comcast Introduces Sports-Oriented Video Bundle in Preparation for the World Cup Tournament
- Is Maruti's reign over the SUV market being challenged by Mahindra's aggressive move to snatch the top spot?
- Social Security Administration Abandons Plan for Electronic Payments: Important Information for Recipients of Benefits
