Report Reveals DeFi Hacks and Scams Caused Losses Exceeding $204 Million in Q2

A recent report from Web3 portfolio app De.Fi has shed light on the significant losses incurred in the decentralized finance (DeFi) space during the second quarter of 2023. According to the “Q2 De.Fi Rekt Report” published on June 27, the total amount lost in DeFi hacks and scams reached over $204 million during the quarter.

The report compiled data from De.Fi’s “Rekt Database,” indicating that initially, over $208.5 million was lost. However, through various recovery methods such as prosecutions and deals with hackers, approximately $4.5 million was successfully recovered.

Comparing the numbers year-over-year, the report revealed that the number of DeFi hacks in Q2 increased nearly sevenfold, with 117 incidents reported, compared to only 17 during the same quarter in 2022. In total, losses in the first half of 2023 amounted to over $665 million.

Among the notable hacks in the second quarter, the top five targeted platforms were Atomic Wallet, Fintoch, MEV-Boost, Bitrue, and GDAC. The Atomic Wallet exploit on June 3 accounted for around 17% of the total losses, amounting to $35 million. Fintoch’s alleged rug pull resulted in $30.6 million in losses, while the MEV-Boost attack led to $26.1 million being compromised. These three attacks alone accounted for over 45% of the total losses in Q2.

According to De.Fi’s findings, the most common cause of losses in the DeFi space was attributed to “access control issues,” wherein unauthorized control of a wallet was obtained, resulting in $75.8 million in losses or a quarter of the total. Exploits ranked as the second most common cause, contributing to losses of $55.3 million. Rug pulls or exit scams accounted for $47.3 million in losses during Q2.

It is worth noting that the losses incurred in Q2 were actually lower compared to the previous quarter. In April, CertiK reported losses exceeding $320 million in the DeFi sector for the first three months of the year (Q1).

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