Millions of dollars worth of crypto went missing in October as exploits hit major platforms like Mango, Lamden and Binance. According to a Fortune.com report, more than $3 billion in crypto has been lost so far in 2022, and nearly $1 billion of that in October alone.
Earlier this month, exploiters attacked Solana-based decentralized finance platform Mango and stole nearly $114 in funds. The exploiters were able to manipulate the platform’s native MNGO token via loopholes in the smart contract protocol. One of the exploiters later returned $67 million of the funds.
On Oct. 18, Moola, a decentralized finance platform on the Celo blockchain, reported a $9 million breach. The hacker manipulated the price of the platform’s MOO token to then borrow a large amount of tokens using the MOO as collateral, which allowed them to drain the log of funds. The hacker negotiated a bounty and returned almost 90% of the funds.
The Binance Smart Chain was hit by an even bigger exploit on October 7th. Nearly $570 million was stolen when a hacker minted another two million BNB tokens, the native token for Binance.
At the end of September, the Python-based blockchain platform lamb was influenced by a hacker who created a contract capable of changing blockchain status and minting nearly $250,000 worth of tokens. The hack was quickly identified and the bridge used to move tokens from Lamden to BSC was frozen. This allowed the team to recover some of the stolen funds.
According to a report by token terminal“Bridge exploits account for around 50 percent of all DeFi exploits and total ~$2.5 billion in lost assets.” This reinforces the need for better testing, rewards programs, and verification processes.
Many of the hacks were done by bad actors but there are some white hat hackers, ethical hackers looking for exploits to collect bounties that exploited the vulnerabilities but…
source_link https://www.digitaljournal.com/pr/millions-lost-as-exploits-hit-major-platforms-mango-lamden-binance-and-others
