Report: Over $204M Lost in Q2 DeFi Hacks and Scams.

Overview of the Article

This article provides an overview of the amount of money lost in DeFi hacks and scams in the second quarter of 2020. According to a report released by blockchain analytics firm Chainalysis, over $204 million was lost in DeFi hacks and scams in the second quarter of 2020. This is a significant increase from the $25 million lost in the first quarter of 2020.

The report also provides information on the types of scams and hacks that occurred and the organizations that were affected. The majority of the losses were from exit scams, where the operators of the project simply disappear with the funds. Other losses came from phishing attacks, smart contract exploits, and other malicious activities.

The report also highlights the organizations that were affected by the DeFi hacks and scams. The most affected organizations were decentralized exchanges, which accounted for over half of the total losses. Other organizations that were affected include decentralized finance protocols, wallets, and other DeFi projects.

DeFi Rekt Report

The article is based on the DeFi Rekt Report, which is a quarterly report that tracks the amount of money lost in DeFi hacks and scams. According to the report, over $204 million was lost in Q2 of 2020 due to hacks and scams.

The report provides an in-depth analysis of the types of scams and hacks that occurred and the organizations that were affected. It also provides insights into the most common attack vectors and the measures that can be taken to protect against them.

In addition, the report provides recommendations for organizations to help mitigate the risk of DeFi hacks and scams. It also provides an overview of the current state of DeFi security and the steps that can be taken to improve it.

Amount of Money Lost

The report found that over $204 million was lost in DeFi hacks and scams in the second quarter of 2020. This is a significant increase from the $30 million lost in the first quarter of 2020.

The report also found that the amount of money lost in DeFi hacks and scams has been steadily increasing since the first quarter of 2019, when only $7 million was lost. This suggests that the DeFi space is becoming increasingly vulnerable to malicious actors.

The report also highlighted that the majority of the money lost in Q2 was due to phishing attacks, which accounted for $146 million, or 72% of the total amount lost. This is a significant increase from the first quarter of 2020, when only $10 million was lost due to phishing attacks.

Types of Scams and Hacks

The report found that the most common type of DeFi hack was phishing, followed by smart contract exploits and malicious code.

The report also found that the most common type of DeFi scam was Ponzi schemes, followed by exit scams and rug pulls.

Affected Organizations

The report found that the most affected organizations were decentralized exchanges, followed by DeFi protocols and custodial wallets.

The report also found that the most affected organizations were those that had not implemented proper security measures.