- DeFi hackers pocketed more than $200 million in Q2 2023 according to an Immunefi report
- The report observed that hacks involving blockchain-based platforms increased by 63% between March and June compared to Q2 2022
- Immunefi disclosed that centralized crypto platforms lost $37 million within the same timeframe
DeFi hackers pocketed over $200 million in Q2 2023 according to an Immunefi report. The report observed that hacks involving blockchain-powered platforms increased by 63% between March and June compared to Q2 2022. Immunefi also disclosed that centralized crypto platforms saw the least losses with only $37 million siphoned from such platforms within the same timeframe.
Hacks Increase but Total Losses Shrink
According to the report, the number of hacks across the crypto landscape rose by 65% while crypto fraud-linked losses increased by over 220%, although the total losses shrinked by more than 50% compared to Q2 2022.
Immunefi noted that malicious actors launched 79 successful incidents within the quarter, with the Atomic Wallet hack early last month and Fintoch’s exit scam accounting for a bigger percentage of the losses. Although Atomic Wallet is yet to disclose the actual amount lost in the attack, on-chain analysts estimate it to be over $100 million.
According to Immunefi, hackers seemed to prefer DeFi protocols on BNB Chain and the Ethereum blockchain. Hacks on these platforms accounted for more than 75% of all losses from DeFi hacks in Q2 2023. DeFi projects on Arbitrum were the second-favorite choice for hackers, accounting for slightly above 10% of all DeFi losses between March and June.
DeFi Attracts Government Agencies
The popularity of DeFi services has attracted the attention of government agencies like the United StatesTreasury that thinks the DeFi world needs tighter controls to reduce the proliferation of malicious activities. The country’s Department of Justice and Commodities Futures Trading Commission (CFTC) have also targeted the DeFi world.
With DeFi protocols holding millions of dollars of user funds, they’ll remain a lucrative target for hackers and scammers.