Despite the falling number of smart contract exploits, hackers could surpass the previous year in terms of total value stolen.
A comprehensive look at the 100 largest cryptocurrency hacks shows that onchain vulnerabilities only account for a minor segment of exploits.
In fact, over 57.5% of the financial losses in the top 100 decentralized finance (DeFi) hacks were caused by offchain attack vectors, according to Mar Guimenez-Aguilar, the lead security architect at Halborn cybersecurity firm.
The cybersecurity expert told Cointelegraph:
