Losses from crypto hacks surged 60% to $1.9 billion in Jan-July -Chainalysis

DeFi applications, many of which run on the Ethereum blockchain, are financial platforms that enable crypto-denominated lending outside of traditional banks.

"DeFi protocols are uniquely vulnerable to hacking, as their open source code can be studied ad nauseum by cybercriminals looking for exploits and it's possible that protocols' incentives to reach the market and grow quickly lead to lapses in security best practices," Chainalysis said in the blog. Chainalysis estimates that so far this year, North Korea-affiliated groups have stolen approximately $1 billion of cryptocurrency from DeFi protocols.

Crypto market capitalization late Thursday was at $1.1 trillion, according to CoinGecko, down more than 50% from around $2.35 trillion at the beginning of the year. Bitcoin so far this year has slumped roughly 48% in price and hovered between $20,000 to $24,000 in the last few months.

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