- That’s seven times more than the same period last year
- The total loss was $208.5 million
- But $4.5 million was recovered
- Atomic Wallet suffered the biggest loss
The second quarter of 2023 was not exactly favorable for the DeFi sector.. Hacks and fraud in decentralized finance lost about $204 million.
First, more than $208.5 million was lost, but through prosecutions and deals with hackers, about $4.5 million was recovered.. As a result, the total amount of uncollected funds exceeded $204 million.
A report titled “Q2 De.Fi Rekt Report” writes that nearly 7 times as many hacks were detected in the second quarter, compared to 2022.. There were 117 incidents during that period, up from 17 last year.
The five most significant hacks targeted Atomic Wallet, Fintoch, MEV-Boost, Bitrue and GDAC. The Atomic Wallet exploit, which occurred on June 3, resulted in a loss of $35 million, roughly 17% of the total. Fintoch users suffered losses of $30.6 million. due to potential theft, and the MEV-Boost attack resulted in a loss of $26.1 million. In total, these three attacks caused more than 45% of the total losses in the second quarter.
One of the most common causes of the losses was access control problems, where an attacker gained unauthorized access to the wallet. These problems resulted in a loss of $75.8 million, a quarter of the total loss.
The second most common cause was exploits, which, overall, resulted in a loss of $55.3 million.. There were also $47.3 million in losses related to the withdrawal of funds.