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DeFi and NFTs plagued by hacks worth millions in this time frame: Analyzing…

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Decentralized finance (DeFi) remains a major target for bad actors in the crypto market throughout February 2023, with total losses exceeding $20 million.

Data from DeFiLlama demonstrated the scope of the damage, which showed that most attacks were carried out using compromised private keys.Source: DeFiLlamaRecent high-value hack attacks included those on the dForce network, Platypus Finance, and Orion.

These attacks are related to protocol logic flaws, though at least one rug pull has occurred.Flash loan attacks continue to pervade the list of recent hacks, showing that it remained a weak point for the DeFi market.

Though the attacks have lower individual values compared to last year, the number and cumulative value of these attacks hardly painted a pleasant picture.DeFi attacks are unlikely to dissipate and may even rise.

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