The collapse of centralized crypto firms became the biggest news stories in 2022, with Celsius and FTX dominating mainstream coverage.

CeFi also experienced its share of hacks, such as exchanges Crypto.com, Deribit and the more than $400 million from FTX during its chaotic implosion last month.

DeFi has taken a hammering, too. CeFi’s failures can mainly be chalked up to mismanagement, opacity, and fraud. Many of the following DeFi hacks and exploits are down to smart contract vulnerabilities, from which there is generally no recourse.

Let's take a look at the top five DeFi hacks and exploits that happened this year.

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