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Over $204M lost to DeFi hacks and scams in Q2: Finance Redefined

Press Releases Crypto News Cointelegraph Over $204M lost to DeFi hacks and scams in Q2: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

The second quarter of 2023 saw over $208 million exploited and hacked from DeFi protocols, and with just $4.5 million of funds recovered, total losses to exploits were over $204 million.

The DeFi ecosystem is an ever-growing industry with billions of dollars in daily trading volume. Still, it remains niche to a small population in the crypto industry and out of reach for some. For a thorough overview of DeFi, check out the new report from Cointelegraph Research titled: “Investing in DeFi: A Comprehensive Guide.”

The DeFi lending protocol Maple Finance has decided to offer direct loans to some borrowers instead of relying solely on pool delegates to provide capital to fill the void left by bankrupt major lending protocols like BlockFi.

The popularity of Bitcoin’s BRC-20 token standard has led many leading wallet service providers to add support for the new token standard, and Optimism network transactions surged 67% following the Bedrock upgrade.

The top 100 DeFi tokens continued their bullish momentum into the last week of June, with most tokens trading in green.

Over $204 million was lost in Q2 DeFi hacks and scams: Report

Over $204 million was lost in DeFi hacks and scams in the second quarter of 2023, according to a June 27 report from Web3 portfolio app De.Fi.

The report, titled “Q2 De.Fi Rekt Report,” was partially based on data from De.Fi’s Rekt Database. Over $208.5 million was exploited during the quarter, but $4.5 million was recovered through prosecutions, deals with hackers and other recovery methods. According to the report, the number of DeFi hacks in Q2 rose by “almost 7 times” year-over-year, with 117 incidents compared with only 17 in the same quarter of 2022. In total, over $665 million was lost during the firs

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Author: Prashant Jha

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