$204M lost in Q2 DeFi hacks and scams.

According to a report from De.Fi, a Web3 portfolio app, more than $204 million was lost in hacks and scams in the decentralized finance (DeFi) sector during the second quarter of 2023. The report, called the “Q2 De.Fi Rekt Report,” utilized data from De.Fi’s “Rekt Database.” Although $208.5 million was initially lost during the quarter, $4.5 million was recouped through prosecution, dealings with hackers, and other forms of recovery.

The number of DeFi hacks rose almost sevenfold YoY during Q2, with 117 incidents during the period compared to 17 in the same quarter of 2022. During the first half of 2023, over $665 million was lost. The top five hacks of Q2 were against Atomic Wallet, Fintoch, MEV-Boost, Bitrue, and GDAC. The Atomic Wallet breach on June 3 resulted in $35 million in losses, about 17% of the total. Fintoch users lost $30.6 million due to its alleged rug pull, and the MEV-Boost attack resulted in $26.1 million in losses. These three attacks alone accounted for over 45% of the total losses in Q2.

Related: Sturdy Finance offers $100K bounty to hacker if funds are returned

The report reveals that the most common cause of losses was “access control issues,” where an attacker gained unauthorized access to a wallet, resulting in $75.8 million in losses, or a quarter of the total. Exploits accounted for the second-highest cause of losses, at $55.3 million. In Q2, users lost $47.3 million through rug pulls or exit scams. Despite this, losses from DeFi hacks and scams were lower in Q2 than in Q1 when CertiK reported over $320 million in losses from January to March.

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