BlockChain Attacks From The Past
1. Parity Wallet Hack
In 2017, a hacker exploited a vulnerability in the smart contract code of the Parity Wallet, a popular Ethereum wallet developed by Parity Technologies. The hack resulted in the theft of over $30 million worth of Ethereum.
2. Bancor Network Hack
In July 2018, the Bancor Network, a decentralized exchange platform, was hacked and $13.5 million worth of cryptocurrency was stolen. The hack was made possible due to a vulnerability in the smart contract code of the Bancor Network’s wallet contract.
3. The DAO Hack
The DAO (Decentralized Autonomous Organization) was a decentralized venture capital fund that was hacked in 2016. The hack resulted in the theft of approximately $50 million worth of Ether. The vulnerability was related to a reentrancy attack, where the attacker repeatedly called the DAO’s transfer function to drain its funds.
4. KyberSwap Hack
In 2022, KyberSwap, a decentralized exchange, was hacked and lost $47 million due to a reentrancy error in the mint function of their new token implementation.
5. SushiSwap DEX Hack
In 2022, SushiSwap, a decentralized exchange, was hacked and lost a significant amount of cryptocurrency due to a flash loan attack. The attack exploited a vulnerability in the exchange’s liquidity pool, allowing the attacker to manipulate the pool and drain its funds.
6. Onyx Protocol Exploit
In 2022, Onyx Protocol, a Compound Finance fork, lost $2.1 million due to a rounding error when creating new liquidity markets. This vulnerability had already been identified in other projects, such as Hundred Finance and Midas, but was not addressed.
7. Rari Capital Hack
In 2022, Rari Capital, a decentralized lending protocol, was hacked and lost a significant amount of cryptocurrency due to a vulnerability in its borrow function. The attacker exploited a reentrancy attack, executing asset transfer before updating the state.
These examples highlight the importance of thorough testing and review of smart contract code to prevent vulnerabilities and ensure the security of blockchain-based applications