DeFi attacks: the third part of the recap

The Block Research previously looked at the emergence of the first DeFi exploits and their heyday last fall in The Summer of DeFi. However, even the total losses as a result of previous attacks pale in comparison with May 2021. In just one month, DeFi protocols lost a record $210M, $80M more than what was stolen since the first DeFi attack.

The key characteristic of this period is the expansion of attacks to BSC. In addition to changing blockchains, it is also worth noting the high frequency of attacks (up to three per day) and the use of cross-chain bridges for withdrawing funds to Ethereum. In most cases, the vulnerabilities were similar, which was due to forking and the inability to fix bugs instantly.