A series of hacks targeting decentralized finance platforms has resulted in substantial losses. The Ionic Protocol suffered a loss of approximately $12.3 million due to a fake collateral scam that exploited rushed security checks. Meanwhile, contracts related to GMX and MIM Spell were compromised, with losses estimated at around 6,260 ETH, equivalent to approximately $13 million. The security firm PeckShield confirmed these breaches, highlighting the ongoing vulnerabilities in the Web3 space, particularly concerning Ethereum assets. The incidents underscore the critical need for enhanced security measures in decentralized finance protocols.