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This chapter provides an overview of historical decentralized finance (DeFi) protocol attacks. We empirically analyze the impact of DeFi attacks on the underlying blockchains’ valuation. Using event study difference-in-differences regressions, we show that treated blockchains, relative to control group blockchains, experience an increase, rather than a decrease, in the market capitalization of the native cryptoasset in the days following the attack. Our results suggest that single DeFi security issues, once resolved, enhance the value of the underlying blockchain. We discuss our findings in the context of the vast blockchain and DeFi protocol ecosystem and its security.

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Who Cares About Decentralized Finance? Evidence from DeFi Attacks

  • 章节

  • 发表日期：

    2026年

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  • Xian Zhuo,
  • Felix Irresberger,
  • Denefa Bostandzic

摘要

This chapter provides an overview of historical decentralized finance (DeFi) protocol attacks. We empirically analyze the impact of DeFi attacks on the underlying blockchains’ valuation. Using event study difference-in-differences regressions, we show that treated blockchains, relative to control group blockchains, experience an increase, rather than a decrease, in the market capitalization of the native cryptoasset in the days following the attack. Our results suggest that single DeFi security issues, once resolved, enhance the value of the underlying blockchain. We discuss our findings in the context of the vast blockchain and DeFi protocol ecosystem and its security.