Losses from crypto hacks surged 60 percent to $1.9 billion in Jan-July, reports Chainalysis

Losses arising from cryptocurrency hacks jumped nearly 60% in the first seven months of the year to $1.9 billion, propelled by a surge in funds stolen from decentralised finance (DeFi) protocols, according to a blog post from blockchain analysis firm Chainalysis released.
In the same period last year, stolen funds from hacking amounted to $1.2 billion.
DeFi applications, many of which run on the Ethereum blockchain, are financial platforms that enable crypto-denominated lending outside of traditional banks.
Chainalysis noted that the trend is not likely to reverse any time soon, given the $190 million hacking of cross-chain bridge Nomad and $5 million hacking of several Solana wallets already in the first week of August.