DeFi Hacks Wreak Havoc on Blockchain Networks

A wave of hacks has hit the DeFi space, causing significant financial losses for several projects. The attacks occurred between May 11 and 13, with six projects affected, resulting in a combined loss of over $6 million.

The Polygon network was a hotspot for hacker activity during this period, with Ink Finance's Workspace Treasury Proxy contract being exploited for $140,000 on Monday, May 11. Huma Finance also lost $100,000 the same day due to 'legacy v1 contracts' that were paused.

On Tuesday, May 12, four more projects were targeted. Transit Finance was hacked, resulting in a loss of $1.9 million in DAI, while users of the $TAC bridge on TON suffered losses estimated at $3 million. Aurellion and BoostHook also reported losses totaling approximately $655,000.

The TRON network was also affected by the attacks, with Transit Finance losing $1.88 million due to a historical vulnerability in a contract that had been deprecated since 2022. The project has assured users that they do not need to take any action and will be compensated for their losses.