CDS Crypto News Quantstamp Reports DeFi Losses of 39 Million Dollars Due to Malicious Activities in January 2024
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Quantstamp Reports DeFi Losses of 39 Million Dollars Due to Malicious Activities in January 2024

Exploiting DeFi protocols, malicious actors resort to tactics such as smart contract hacks and key compromises.

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Quantstamp Reports DeFi Losses of 39 Million Dollars Due to Malicious Activities in January 2024

Crypto News- In a recent disclosure from Quantstamp, a pioneering DeFi security startup, an alarming $38.9 million has fallen prey to security breaches within the burgeoning ecosystem.

Perpetrators employing sophisticated tactics like smart contract hacks, key compromises, and scams have persistently orchestrated attacks, leaving a trail of financial wreckage.

Quantstamp Reports DeFi Losses of 39 Million Dollars Due to Malicious Activities in January 2024

The initial blow struck Radiant Capital, a multi-chain lending protocol, losing 1,900 ETH (approximately $4.5 million). The attacker exploited a timing window and a known rounding issue in the Compound / Aave codebase, leaving the platform and its users in shock.

Soon after, the liquidity management protocol Gamma suffered a devastating attack, hemorrhaging around $6.18 million. Despite having multiple deposit protections, a misconfiguration in the price movement threshold provided attackers an opportunity to manipulate prices and mint a significant number of LP tokens.

DeFi’s January 2024 Turmoil: Quantstamp Unveils 38.9 Million Dollars Loss Amid Surge in Malicious Attacks

Wise Lending, a prominent player, fell victim to a flash loan attack, resulting in a substantial loss of at least $460,000. The onslaught continued with Socket, an interoperability protocol, succumbing to exploitation of a vulnerability in a newly added module, allowing attackers to pilfer approximately $3.3 million from users.

Goledo Finance, a lending protocol within the Conflux ecosystem, was the next target, suffering an exploitation that led to a loss of 7.9 million CFX, equivalent to roughly $1.7 million. Preliminary investigations pointed to yet another flash loan attack, underscoring the persistent threat faced by DeFi platforms.

Quantstamp Reports DeFi Losses of 39 Million Dollars Due to Malicious Activities in January 2024

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