Experts in blockchain security have warned that decentralized finance (DeFi) investors should expect to see more attacks and exploits in the coming year. According to a report by Drofa, which was shared with Cointelegraph, execs from blockchain security and auditing firms HashEx, Beosin and Apostro have said that as new projects enter the market, and hackers become more sophisticated, the number of attacks on DeFi projects will continue to increase.
The report specifically highlighted the reason behind last year’s spike in DeFi hacks, and whether this trend will continue through 2023. Tommy Deng, managing director of blockchain security firm Beosin, said that while DeFi protocols will continue to improve and strengthen their security measures, he also admitted that “there is no absolute security.” This means that it will always be a cat-and-mouse game for those who want to steal or exploit the funds, and for the security teams that want to protect the funds.
“As long as there is interest in the crypto market, the number of hackers will not decrease.”
According to the CEO of blockchain security firm PeckShield, DeFi projects are becoming increasingly vulnerable to attack, with many launching without undergoing complete security testing. Additionally, many projects are now exploring the use of cross-chain bridges, which have been a prime target for attackers in recent years, with over $1.4 billion stolen in six different exploits.
These comments align with those of blockchain security firm CertiK, which recently stated that it does not expect a decrease in the number of exploits, flash loans, or exit scams in the coming year. CertiK specifically noted the likelihood of further attempts by hackers targeting bridges in 2023, citing the historically high returns from such attacks in 2022.
The founder and CEO of crypto auditing firm HashEx, Dmitry Mishunin, also weighed in on the situation, noting that hackers have become more sophisticated and experienced, and have learned how to look for bugs in DeFi projects.