Nearly $50 million was stolen from web3 platforms in the year’s first month as crypto remains engaged in a cyber war with hackers and scammers.
Quantstamp, a defi security startup, reported five smart contract protocols with the highest losses from exploits and hackers in January. A total of $38.9 million was lost to a basket of attack vectors deployed by bad actors, including other smart contract hacks, key compromises, and scams, according to Quantstamp.
Four days into the year, Gamma Strategies was rocked by a flash loan attack. The code bug allowed exploiters to drain $6.1 million from Gamma’s public-facing vaults. Gamma shut off deposits to resolve the issue, effectively closing the loophole.
Although less than $10 million was stolen, roughly $500,000 denominated in Ether (ETH) was at risk during the incident.
Radiant Capital lost $4.5 million to an empty market exploit on Jan. 3, hours before the attack on Gamma. According to Peckshield, the root cause was not novel and stemmed from a brief period where new markets were activated on lending protocols.
The defi lender paused its Arbitrum-based USDC pool to address the issue. Radiant also noted that us
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Author: Naga Avan-Nomayo
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