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.
The report identified “access control issues” as the most common cause of losses, accounting for $75.8 million or a quarter of the total. Exploits ranked second, causing losses totalling $55.3 million, while rug pulls and exit scams resulted in $47.3 million in losses during Q2.
Despite the significant losses, Q2 saw a decrease in DeFi hacks and scams compared to the previous quarter. CertiK reported in April that losses in the DeFi sector amounted to over $320 million from January to March