North Korea-Linked Hacks Drive $15 Billion Out of DeFi
Summary
- North Korea-linked hacking attacks triggered large-scale outflows from the DeFi market.
- About $600 million worth of cryptocurrency was stolen on-chain from January through April this year, and TVL across DeFi protocols fell by more than $15 billion.
- The market is watching repeated hacking incidents for their impact on DeFi credibility and capital inflows, with stronger security and a recovery in investor sentiment emerging as key variables.
Forecast Trend Report by Period
A series of attacks linked to North Korean hackers has triggered a sharp pullback from the decentralized finance, or DeFi, market, underscoring weakening investor sentiment.
DL News reported on April 20, citing DefiLlama data, that about $600 million worth of cryptocurrency was stolen on-chain from January through April this year.
Of that amount, roughly $294 million was tied to the Kelp DAO hack.
Following the attacks, total value locked across major DeFi protocols dropped by more than $15 billion. Aave alone recorded about $10 billion in outflows, equivalent to roughly 22%.
Morpho saw about $1.7 billion leave the platform, while SKY posted outflows of about $600 million.
The market is closely watching whether repeated hacking incidents are undermining confidence in DeFi and curbing capital inflows. Stronger security and a recovery in investor sentiment will be key variables going forward.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
