DeFi Hacks Wipe Out $35M, Sparking Fresh Uncertainty

The DeFi sector is once again facing uncertainty after three separate hacks resulted in $35.55 million in losses, sparking concerns of another wave of DeFi FUD.

Three cross-chain bridges - AFX, BSquared Network, and VerusCoin - were targeted by attackers who stole funds from their Arbitrum bridge and moved them to Ethereum. The combined losses across the three protocols total $35.55 million, with AFX suffering the biggest loss at $24.2 million.

This latest exploit wave comes as DeFi TVL had finally started to regain momentum in July, increasing by over $10 billion. However, fresh hacks have injected uncertainty into that recovery, and if more exploits follow, it could shift the market's focus from capital inflows to protocol security.