“Defi Vulnerabilities: Accumulated Losses Reach Nearly $59 Billion, Setting a New Record”

Compared to the past, the losses caused by DeFi vulnerabilities have reached nearly $59 billion, according to a recent post by IntoTheBlock on the X platform. Historically, the main reasons for attacks on DeFi projects have included private key management, mechanism design, and smart contract vulnerabilities. However, the first quarter of 2024 has shown a shift, with most losses now attributed to Rug Pulls, which are caused by the overall rise in the cryptocurrency market.