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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...

Diyahir Campos, a smart contract developer behind the new ERC proposal, sought to take action after becoming a victim of the Euler Finance hack in March. A decentralized finance “circuit breaker” could have prevented billions of dollars worth of crypto being stolen from DeFi protocols in 2022, according to the developer of the newly published ERC-7265 proposal. A new Ethereum request for comment (ERC) was published on Github on July 3. In it, the lead developer Diyahir Campos proposed a standard for a DeFi “circuit breaker.” It essentially aims to set a standard for a smart contract with the ability to halt suspiciously large token outflows from a DeFi protocol. 1/ Announcing ERC 7265: Circuit Breaker We are fixing the biggest problem with DeFi Security - lack of response time to mitigate hacks. Built by @Diyahir @tcb_00 @real_philogyhttps://t.co/4KQDYEK2H7 — Meir Bank (@MeirBank) July 3, 2023 Last year was the single biggest year for crypto hacks, with at least $3.1 billion st...