WHAT ARE THE HACK INCIDENTS OF LAYER 1 BLOCKCHAINS?
Many people ask me, "Why do we hear that blockchains are very secure but there are hacks all the time?" especially after the incident of $CETUS out of $SUI yesterday:
1. Ethereum (06/2016)
– The DAO hack lost 150 million USD due to a reentrancy bug in the smart contract.
– Caused controversy throughout the ecosystem, leading to a hard fork into $ETH and $ETC.
2. Sui (22/05/2025)
– Cetus Protocol exploited liquidity pool, losing 200–260 million USD.
– 162 million was frozen, the rest flowed to Ethereum.
3. Binance Smart Chain (10/2022)
– PancakeBunny & Venus encountered contract bugs and oracle issues, losing 60 million USD.
– At that time, BSC was suspected of having general security quality issues.
4. Solana (08/2022)
– Slope Wallet was hacked for 9 million, plus 5 million from a staking bug.
– Did not affect Layer 1, but caused panic among users.
5. Avalanche (12/2021)
– Platypus Finance was hacked for 8.5 million USD, contract bug on the DeFi app.
– Avalanche core remained safe.
6. Polygon (08/2021)
– PolyNetwork was drained of 600 million USD through a bridge.
– Not a fault of Layer 1, but the bridge was the critical weak point.
7. Tezos (09/2020)
– ICP staking pool had a bug, losing 20 million USD.
– Core chain was not affected.
8. Cardano (12/2022)
– MuesliSwap (Layer 2 DEX) was hacked for 3 million USD.
– Still not the fault of the chain, but it affected users in the ecosystem.
8. NEAR (08/2021)
- In August 2021, Ref Finance was hacked, with an estimated loss of about 3 million USD.
- The project compensated, recovered assets, and implemented a Frozen List.
*The truth behind it:
- In fact, these hacks are NOT HACKS OF BLOCKCHAIN, but rather: Hack of dapps, AMM/DEX, bridge, staking infrastructure, wallet hacks.
=> Layer 1 blockchain is only indirectly affected, but trust is shaken directly.
