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DeFi Exploits in February Cause Losses of $82 Million With Just $1.3 Million Recovered: Report
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February 2024 witnessed the DeFi sector grappling with security exploits that led to losses exceeding $82 million.
A report sent to Cryptonews by Web3 app and antivirus solution De.Fi noted that $82,287,101 was lost, with just $1,325,932 recovered.
The biggest DeFi security exploit in February happened in the Ethereum-based Play-to-Earn game PlayDapp, causing a loss of $32.3 million on Ethereum.
PlayDapp faced a major security breach with compromised private keys, resulting in the unauthorized minting and theft of 1.79 billion PLA tokens. The attacker added a new minter to PlayDapp, converting tokens into $32 million USD, then proceeded to disperse stolen funds across various addresses.
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