Drofa Comms Established That Last Year Saw Cross-Chain Bridge Hacks Dominating in DeFi

LONDON, Feb. 2, 2023 /PRNewswire/ -- The year 2022 has recorded the highest number of hacks in the DeFi space, with attacks aimed at cross-chain bridges being the most lucrative. Such is the conclusion that was reached in the report "An Overview of DeFi Security in 2022" published by the global PR consultancy Drofa Comms, in partnership with top-ranked crypto security firms.

Founded in 2011, Drofa Comms is an international PR consultancy for financial and fintech companies. It started as a traditional financial PR firm with focus on the stock market and investment companies, later expanding to include fintech and crypto markets. Today Drofa Comms has deeply ingrained itself into the global financial industry, providing high-quality promotional services for companies operating in it.

"With the number of DeFi hacks growing throughout 2022, Drofa Comms observed a pain point in the crypto market and decided to investigate it in greater detail. We put our own team of experts to work and also reached out to several crypto security firms to ask for their input," – comments Svyatoslav Gazandzhiev, Head of Content at Drofa Comms.

The research revealed that attacks on cross-chain bridges have become a highly popular form of DeFi attack in 2022. Bridge services tend to contain a lot of liquidity and have complex systems that are hard to provide full service protection for, thus making them prime targets for hackers.

In just the first half of 2022 seven cross-chain bridge attacks occurred resulting in a total loss of approximately $1.1 billion worth of crypto. This accounts for 59% of total crypto losses in the first half of the year. The two largest cross-chain bridge exploits in Q1 2022 were Ronin Network and Solanа Wormhole, standing at $950 million lost in total.

When Drofa Comms asked its partners to comment on their expectations for its future, the overall consensus was that the number of attacks on DeFi is unlikely to go down. That said, the market will continue to evolve, and security methods will also develop to match the threats. In the long term, this will lead to greater safety for DeFi projects and increase investor confidence in this market.

The full report is available on Drofa Comms website.

SOURCE Drofa Comms