As we approach the end of 2023, a report has been published revealing the performance of the DeFi (Decentralized Finance) sector and the extent of losses experienced throughout the year.
According to a statement by IntoTheBlock, the year 2023 will have the lowest level of losses due to exploits in the DeFi space since 2020, with total losses just over 1 billion dollars.
While a record loss of 53.5 billion dollars was suffered in 2022 as a result of exploits, approximately 4 billion dollars were lost in 2021 and the lowest loss was recorded at 157.2 million dollars in 2020. Various DeFi hacks throughout the year led to losses of millions of dollars.
SushiSwap experienced an exploit in April that caused at least one user to lose 3.3 million dollars due to a security vulnerability. In February, BonqDao suffered a serious smart contract security breach that led to the theft of about 120 million dollars from its protocol.
Similarly, SafeMoon underwent an exploit in March that resulted in the loss of tokens worth approximately 9 million dollars. The analysis of the Total Value Locked (TVL) in DeFi showed a significant decrease compared to previous years, but a slight upward trend was observed from October onwards, with gradual growth continuing from that date. The DeFi TVL was reported to be around 51.3 billion dollars. Although signs of recovery are seen in the market, it is still unclear whether the industry will continue to defend against DeFi attacks in the coming year.