Over $204 million was lost to decentralized finance (DeFi) hacks and scams in Q2 2023, according to a report by De.Fi, with 117 incidents occurring during that period.
The top five hacks of the quarter were against Atomic Wallet, Fintoch, MEV-Boost, Bitrue, and GDAC, and together accounted for over 45% of total losses for the period. The most common cause of losses was “access control issues,” while rug pulls or exit scams were responsible for losses totaling $47.3 million.
Although there was an increase in DeFi hacks compared to Q2 2022, losses were smaller than in Q1 2023.
Losses from DeFi Hacks and Scams in Q2 2023
Over $204 million was lost to DeFi hacks and scams in Q2 2023, according to a report by De.Fi. The number of DeFi hacks in Q2 rose by almost seven times year-over-year, with 117 incidents during the period compared with only 17 last year. A total of over $665 million was lost during the first half of 2023.
Top Five DeFi Hacks in Q2 2023
The top five hacks of the quarter were against Atomic Wallet, Fintoch, MEV-Boost, Bitrue, and GDAC. The Atomic Wallet exploit was responsible for $35 million, or around 17% of the total. Fintoch users lost $30.6 million from its alleged rug pull, and the MEV-Boost attack was responsible for $26.1 million. Together, these three attacks resulted in over 45% of the total losses for Q2.
Causes of DeFi Losses in Q2 2023
According to the report, the most common cause of losses was “access control issues,” or issues where an attacker gained unauthorized control of a wallet. This was responsible for $75.8 million of losses, or a quarter of the total. The second most common cause was exploits, totaling $55.3 million. Users lost $47.3 million through rug pulls or exit scams in Q2 as well.