Hacks of decentralized finance (DeFi) protocols have become a “full-time job” for professional attackers, according to the founder of blockchain security firm ImmuneFi.
Speaking to Decrypt at Web Summit 2024, ImmuneFi founder Mitchell Amador said that DeFi hacking has become “an infinitely sustainable and viable business”—though the crypto space is “unquestionably” getting safer.
DeFi hackers, he said, are “looking for more damage, more than ever—and their skills are also applicable in a number of different areas.” He explained that, “even if they’re not getting sustainable hacks over the interim, they could be doing MEV, or other ways to monetize their very unique skillset.”
Despite that, Amador told Decrypt, the crypto space is “getting much safer, and at a very quick clip.” He pointed to the results of ImmuneFi’s Q3 2024 report, which found that losses from crypto hacks had dropped by 38% year-over-year, to just under $424 million.
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Author: Stephen Graves
