Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

ImmuneFi claims $10 billion in DeFi attacks and losses in 2021

3 min reading

According to the report, crypto losses in the form of hacks and rug-pulls increased by 137% from the amount calculated in 2020.

ImmuneFi, a security platform and bug reward service for decentralised finance, or DeFi, released official research on Thursday that computed the total volume of losses in the crypto industry in 2021. As per the company's research, losses caused by attacks, frauds, and other malevolent activities crossed $10.2 billion in the previous year.

ImmuneFi has consistently provided seven-figure pay to whitehat hackers and other good-willed organizations for avoiding protocol compromises for a variety of well-established DeFi protocols, which include Synthetix, Chainlink, SushiSwap, and PancakeSwap, among others.

The report stated there were 120 cases of crypto hacks or fraud rug-pulls in 2021, with Poly Network having the greatest value at $613 million, Venus with $200 million, and BitMart having $150 million.

Alpha Finance and Cream Finance, which were both exploited for $37.5 million, Yearn. finance's $11 million, Furucombo's $14 million evil contract hack, and the notorious Alchemix reverse rug, in which the platform's users asserted delightful luck due of $6.5 million after a withdrawal problem came up with one of the platform's smart contracts synthetic assets, alETH.

In contrast to the last year, which had 123 incidents worth $4.38 billion, a 137% rise in both the number and amount of security violations happened in 2021.

Mitchell Amador, the CEO and founder of Immunefi, expressed his enthusiasm for the future of on-chain security in a discussion amid what he considered as a “year of dramatic losses” for the sector.

“Despite the appearance of entirely new vulnerabilities in the onchain economy, the community is adapting rapidly. At Immunefi alone, we saved double the amount lost to exploitation this year, and security best practices are circulating throughout the community.”

ImmuneFi's involvement in assisting Polygon's (MATIC) recent $3.47 million pay to two whitehat hackers for their instrumental role in preventing a "critical" susceptibility in the network's proof-of-stake Genesis contract, which put nearly the entire $10 billion MATIC token supply at threat, was quoted by Amador.

ImmuneFi awarded the largest bounty in DeFi history to renowned white hat programmer Alexander Schlindwein in September last year for preventing a major $10-million bug crisis in the automated market maker, or AMM, protocol Belt Finance.

Schlindwein got a total of $1.05 million in reimbursement, with $1 million receiving from Belt Finance with ImmuneFi acting as an intermediary and $50,000 originating from Binance Smart Chain's Priority One program.

ImmuneFi raised $5.5 million in October from a group of institutional investors, including Blueprint Forest and Electric Capital, intending to increase its security facilities across the DeFi industry in a coordinated attempt to reduce the pervasiveness and economic effect of beneficent security exploits.

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.