DeFi Hacks and Scams Result in $204M Losses in Q2 2023

According to a recent report titled “Q2 De.Fi Rekt Report” by Web3 portfolio app De.Fi, the second quarter of 2023 witnessed over $204 million in losses due to hacks and scams in the decentralised finance (DeFi) space. The report highlighted that although over $208.5 million was initially lost during the quarter, approximately $4.5 million was recovered through various means, such as prosecutions and agreements with hackers. Comparing year-over-year figures, the report revealed a significant increase in DeFi hacks, with 117 incidents recorded in Q2, almost seven times the number reported in the same quarter of 2022. In total, losses in the first half of 2023 amounted to over $665 million. Among the top five hacks in the second quarter 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 users suffered losses of $30.6 million due to an alleged rug pull, while the MEV-Boost attack resulted in $26.1 million in damages. These three attacks alone contributed to over 45% of the total losses in Q2.

Full report : DeFi Hacks and Scams Result in $204M Losses in Q2 2023.

While these are the largest cryptocurrency hacks that have happened in the 2nd quarter of 2023, OODA has been compiling a comprehensive Web3 incident database based on our research to categorize what compromises are taking place as well as document the root causes that plague Cryptos, DeFi, NFTs, and Web3 in general. Tracking root causes provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks. You can access the OODA comprehensive Crypto Incident tracker here.