• The total value of stolen DeFi funds was the lowest in December 2022, with $62 million worth of exploits.
• Lido Protocol overtook MakerDAO to have the highest total value locked (TVL) in the DeFi ecosystem.
• The start of the new year saw a GMX whale hacked for $3.5 million worth of GMX tokens.
Cryptocurrency exploits and hacking were at their lowest in December 2022, with a total of $62 million worth of funds being siphoned from the decentralized finance (DeFi) ecosystem. This marks the lowest monthly figure of stolen funds in the entire year, offering a glimmer of hope for the crypto community, who have been dealing with a series of bridge hacks and hundreds of millions of dollars stolen in the last 12 months.
The DeFi market didn’t show much change in its first week of the new year, with the price momentum remaining in the same zone. However, there was some movement in the TVL rankings, with Lido Protocol overtaking MakerDAO to become the highest total value locked in the DeFi ecosystem.
At the start of the year, hackers targeted a GMX whale, stealing 82,519 GMX tokens worth $3.5 million. The cybercriminals used Hop Protocol and Across Protocol to transfer the tokens to the Ethereum network and exchanged them for 2,627 ETH.
The top 100 DeFi tokens started the year in a bullish way, with most of them trading in the green in the weekly charts. This is despite the fact that the DeFi market is still highly volatile and subject to rapid price fluctuations.
Security experts have warned that the DeFi ecosystem is likely to see no decrease in exploits, flash loans or exit scams in 2023. This is why it’s important for users to remain vigilant and take extra precautions when dealing with decentralized assets. However, the low figure of stolen funds in December 2022 indicates that the crypto community is slowly getting more knowledgeable about the potential risks associated with DeFi projects.
Overall, the year 2022 has been a rollercoaster ride for the DeFi market and the start of 2023 is likely to bring more excitement and innovation. By staying up to date with the latest developments and taking the necessary safety measures, users can ensure that their assets remain safe and secure.