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Cointelegraph Consulting: Recounting 2021’s biggest DeFi hacking incidents
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Compound Finance is just one of the latest victims of DeFi hacking incidents in 2021. On Sept. 30, its errant token distribution bug within the Proposal 062 exposed a flaw in which $70 million–$85 million in excess COMP tokens were wrongly distributed to users.
Yet, an extra $65 million was placed in a vulnerable vault a few days later, resulting in at least $150 million in COMP tokens at risk. But, while Compound was able to remedy the entire situation, it shows how vulnerable the decentralized finance (DeFi) sector can be at times due to its nascency.
Last year, the total value locked (TVL) in DeFi was a mere 5% of what it’s currently worth $255 billion. The change marks an explosive 1686% growth. Even with the Compound debacle, and most
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