Most Defi Hacks in 2021 Had to Do With Centralization Issues, According to Certik – Defi Bitcoin News

Certik, a blockchain auditing firm, reported the most common attack vector for hacks in defi protocols had to do with centralization in 2021.

Certik, Blockchain

1/17/2022 1:03:00 PM

A new report issued by Certik , a blockchain security and auditing firm, has shown that centralization issues in defi protocols were the most common attack vector for hackers in 2021.

Certik , a blockchain auditing firm, reported the most common attack vector for hacks in defi protocols had to do with centralization in 2021.

, when an attacker managed to phish two private keys using an email with a malicious macro in November. The attacker took control of $55 million from the protocol at that time. This is part of what the company classifies as privileged ownership vulnerabilities.

Certik on Defi Growth and Multichain Tendencies The report also recognizes the massive growth the defi environment experienced last year. Certik states that the volume traded on decentralized exchanges (dex) tripled, the total value locked in defi-based protocols quadrupled, and Ethereum fee revenue skyrocketed. On the growth of Ethereum, the report acknowledges that:

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BZX , when an attacker managed to phish two private keys using an email with a malicious macro in November. The attacker took control of $55 million from the protocol at that time. This is part of what the company classifies as privileged ownership vulnerabilities. Certik on Defi Growth and Multichain Tendencies The report also recognizes the massive growth the defi environment experienced last year. Certik states that the volume traded on decentralized exchanges (dex) tripled, the total value locked in defi-based protocols quadrupled, and Ethereum fee revenue skyrocketed. On the growth of Ethereum, the report acknowledges that: There is clearly a voracious appetite for the smart contract-driven decentralized applications that Ethereum enables. DeFi, NFTs, and other applications such as ENS (Ethereum Name System) have all contributed to this growth. However, due to the challenges Ethereum has faced in scaling, a number of competitors managed to take a third of Ethereum’s defi dominance. Certik states that Binance Smart Chain, Solana, Terra, Avalanche, Fantom, and Polygon were the more popular chains chosen as alternatives for users’ defi activities. Even with the Ethereum block space trading at a premium, the chain reached $153 billion TVL. But with the user migration to other chains, the decentralization debate has deepened. Solana, one of the chains ostensibly moving to replace Ethereum, has been facing constant troubles that have been formally