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[Alpha Biz= Kim Minyoung] A wave of cyberattacks linked to North Korean hackers has triggered massive capital outflows from the decentralized finance (DeFi) sector, shaking confidence in an industry once touted as an alternative to traditional finance.
According to data from DefiLlama cited by the Financial Times, roughly $14 billion (about KRW 20 trillion) has exited the DeFi market in recent weeks following attacks on major platforms including Aave and Drift.
Hackers reportedly stole approximately $280 million from Drift last month and, in April, siphoned off around $290 million worth of tokens linked to KelpDAO. The stolen assets were then used as collateral to secure additional loans from Aave, exposing the platform to as much as $230 million in potential bad debt, the FT reported.
In response, key industry figures and firms—including Joseph Lubin, Justin Sun, LayerZero, and Mantle—stepped in with emergency support to prevent a broader market collapse. The FT noted that despite DeFi’s decentralized ethos, the crisis response ultimately relied on a handful of influential players.
Adam Morgan McCarthy of Kaiko commented that while DeFi promotes decentralization, the ecosystem in practice remains supported by a relatively small group of insiders.
DeFi platforms use blockchain-based smart contracts to provide financial services without traditional intermediaries such as banks or brokerages. The sector surged following the so-called “DeFi Summer” of 2020, with total market value once reaching $180 billion. However, repeated hacks and security breaches have since reduced the market to around $86 billion.
Industry observers say the latest incidents are undermining the core promises of security and transparency. Lucas Cheyan of Galaxy noted that such events weaken the argument that crypto can serve as a safer and more transparent alternative to traditional finance.
Market sentiment has also deteriorated. The token of Aave has fallen about 20% since April 18 and is down nearly 50% over the past year.
Some platforms, however, continue to grow. The FT highlighted Hyperliquid and Polymarket as beneficiaries of increased demand, particularly for oil-related derivatives trading following geopolitical tensions in the Middle East.
Still, Polymarket has come under scrutiny over allegations of insider trading and suspicious transaction patterns. U.S. authorities recently charged a military individual for trading based on information related to the arrest of a Venezuelan leader, prompting the platform to strengthen monitoring efforts in collaboration with external analytics firms.
The FT warned that the latest wave of hacks could further deepen skepticism among U.S. lawmakers and regulators toward the crypto sector. Legislative discussions are already underway in the U.S. Senate to limit government bailouts in the event of a crypto market collapse, alongside ongoing debates over the legal responsibilities of DeFi developers.
Meanwhile, emerging technologies such as artificial intelligence and quantum computing are adding new layers of risk. Gnosis co-founder Friederike Ernst said hackers have become increasingly sophisticated and may already be leveraging AI to identify vulnerabilities, warning that the current DeFi ecosystem lacks sufficient safeguards.
알파경제 Kim Minyoung Reporter(kimmy@alphabiz.co.kr)
