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Yesterday, two hacks on decentralized finance (DeFi) protocols netted a total of over $5 million, with a further $5 million siphoned off from compromised wallets on Wednesday. While the founders of two OG protocols, Aave and Maker (now Sky), bro’d down over Starcraft while basking in a “DeFi renaissance moment,” some of the sector’s less well-established projects were going down in history for the wrong reasons. Repeat DeFi hack or a new bug? First up was Onyx Protocol whose $3.8 million loss was first thought to be a repeat of the well-known bug that drained $2.1 million from the project toward the back end of last year. Hi @OnyxDAO, you may want to take a look pic.twitter.com/fcU6fHP4jr — PeckShield Inc. (@peckshield) September 26, 2024 Read more: Compound DAO asleep at the wheel as $25M governance ‘attack’ passes Onyx is a fork of Compound Finance, which contains an infamous vulnerability in which freshly-launched, empty lending markets are briefly left ope...

There is no clear downward trend in crypto crime, but a quiet month is undoubtedly more than welcome in the Web3 community. Web3 theft hit a low point for the year so far in October, CertiK reported. Losses to hacks, exploits and scams confirmed by the blockchain security firm amounted to $32.2 million for the month across 38 incidents, with no single incident leading to a loss of over $7 million. Compared to the ten-month total of $1.4 billion, losses in October were approximately a quarter of the running monthly average. January showed the second-lowest losses at $33.7 million. The October statistics were not the result of a steady decline in losses but rather show a lack of major incidents that month. October’s 38 incidents were a quantitative low as well. Major Web3 incidents in October. Source: CertiKAlert X account Certik’s third-quarter report indicated the number of incidents in July was 79, falling to 66 in August and 39 in September. Only exit scams were up in October and...

Floating Point Group informed customers that withdrawals had been halted after experiencing a security breach on Sunday evening. Cryptocurrency brokerage firm Floating Point Group (FPG) has confirmed it has halted trading, withdrawals and deposits on its platform after falling victim to a cyber attack on June 11. FPG estimates the attack resulted in a total loss of between $15 million and $20 million. According to a June 15 tweet from FPG’s official twitter account, upon discovering the security breach FPG locked all third party accounts and migrated wallets. It later halted trading, deposits and withdrawals out of “an abundance of caution.” 1/5 On Sunday, we experienced a cyber security incident. Upon discovery, we locked all third party accounts and migrated and secured all wallets until we better understand the scope and circumstances of this incident. — Floating Point Group (@fpgcrypto) June 14, 2023 Additionally, the firm noted that its account segregation “limited the...