The Curio DeFi project faced a significant security breach, with experts from Cyvers Alerts estimating the damages at a staggering $16 million.

Analysts from Cyvers Alerts suggest that the breach likely stemmed from a vulnerability in the permissioned access logic, enabling the attacker to generate an additional 1 billion CGT tokens, valued at nearly $40 million.

Cyvers Alerts' assessment follows Curio's prior warning to its community regarding a potential smart contract exploit. The incident appears to have involved a MakerDAO-based smart contract utilized within the ecosystem, specifically on the Ethereum side.

In response, the Curio Ecosystem team assured stakeholders that they are actively addressing the situation and pledged to provide updates promptly. They emphasized that all contracts on the Polkadot side and Curio Chain remain secure.

February saw a notable decrease in losses due to hacks and scams within the crypto industry, totaling around $67 million, roughly half the figure reported in January. Notably, all attack vectors were linked to the DeFi sector during the reporting period, with centralized platforms experiencing no significant incidents.

The majority of losses in February were attributed to breaches in the gaming platform PlayDapp, which incurred losses of $32.35 million, and the decentralized exchange FixedFloat, which suffered losses amounting to $26.1 million. Additionally, the cryptocurrency casino Duelbits reported a loss of $4.6 million due to a compromised private key.