You may have heard about the huge exploit on Euler Finance, which lost about USD 200 million due to this hack, and you may wonder which other DeFi protocols are at risk on Ethereum (ETH) mainnet, layer-2 chains like Arbitrum or Optimism, sidechains like Polygon (MATIC) or EVM chains like Binance.
Which DeFi protocols have already been hacked?
There are so many DeFi protocols which already been hacked that it would take too long to list them. We can simply make a screenshot of the hacks page on llama.fi (which has BTW replaced defillama.com due to a long story... I may write an article about this topic too):
The table above shows the hacks which occured since February 1. We can see that at least 14 hacks occured in less than 2 months, on various chains: Ethereum, Arbitrum, Optimism, Avalanche, Binance Smart Chain, Polygon, Algorand, Hedera... No hack for Solana there, but it also happened in the past (Mango Finance last year).
Some of the hacked protocols had been audited, with excellent results for some of them. For instance, Euler Finance had 6 audits, but they also had slightly upgraded some of their smart contracts... Which might have created vulnerabilities. Therefore, although a DeFi protocol was audited, if they update their smart contract, some unidentified vulnerabilities might appear.
Let's take a concrete example. On TokenInsight we can read:
Lido V2 Upgrade Expected to Go Live on Ethereum Mainnet in Mid May
Lido is the first DeFi protocol currently in Total Locked Value. This contract upgrade might be an excellent opportunity for hackers... So, who's next?
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
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