Is Blockchain Technology Really Secure? $142M Lost to Hacks and Exploits in February Arouses Concern

While blockchain technology is considered revolutionary, it is not safe from attacks, 15 incidents the industry is facing Hacks and Exploits in February 2023According to the REKT database, losses totaled $142 million.

What happened: In affected platforms, bnb chain bnb/usd DApps and NFT data DapRadar said in a statement that losses were the highest, with 50% of the incidents occurring. reports,

Ethereum ETH/USD, optimism OP/USD And avalanche awax/usd followed with 16.7% and polygon matic/usd accounted for 8% of incidents.

Specifically, 33% of attacks occurred on decentralized exchanges (DEXs).

was the most important event bonkdao And allianceblock ALBT/USD The hack, where attackers exploited a vulnerability in the Boncadao smart contract, manipulated its price predictions to inflate the WALBT price.

Read also: BIS Report Explores Benefits of Cross-Border CBDC Payments in Project Icebreaker

The exploit allowed the attacker to mine over 100 million BEUR, which they then used to manipulate the WALBT price and destroy multiple wallets.

The attacker withdrew his profits, which amounted to 113.8 million WALBT and 98 million BEUR, worth over $10 million.

The dumping of these coins had a severe impact on their value, with WALBT falling by over 50% and BEUR by 34%.

why it matters: Meanwhile, the blockchain industry experienced a slight slowdown in February 2023, with an average of 1.6 million daily Unique Active Wallets (dUAW) interacting with dapp contracts, a decrease of 10.54% from January 2023.

However, Ethereum, MediationAnd clayton KLE/USD The top gainers in February were Ethereum, which saw an increase of 23.25%, reaching an average of 147,924 dUAW.

Meanwhile, some blockchains haven’t performed as well, with a 67.52% drop in optimism, reaching an average of 15,602 dUAW.

Read further: Bitcoin, Ethereum, Solana and Shiba Inu Drop: Major Reasons for Growing Fear in Crypto

picture: golden days via shutterstock

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