Bitcoin Forum

As of today, there are a total of 131 DeFi exploits (https://chainsec.io/defi-hacks/) that have occurred, with lost funds amounting to a total of approximately $4 billion at the time of these exploits. $2 billion lost from 2022 alone.

So far in 2023, we currently have 8 exploits with a total of $137 million lost. Any rough guesses for the end of 2023?

Can you share the source?

I usually watch DeFi Rekt or exploit news on https://rekt.news/ and yes the value is crazy the site itself made a list like hall of fame here https://rekt.news/leaderboard/

The recent hack 2022 and 2021 top of the list Ronin Hack and Poly Network alone totaling around $1.2 Billion. Crazy Right

The reason they get hacked is because its new technology and full of bugs. Hence why there is usually a "bug bounty" for many projects where the hacker can just legally get paid for his "bug finding" rather than exploit the bug and take 100% of the assets.

Hence why you shouldn't keep large amounts on anything Defi related. Keep it cold storage and when you want to actually trade, then send the funds and when you are done send them right back. Keep everything in Ethereum COLD storage.

But we know that these back testing are done by the team itself and not on some launching some bug bounty or some sort which it would really be ending up on having that huge risks of exploits on the

time that they would really be opening their doors.They'll soon realize about the bug but its already too late and the damage has been done. Speaking about exploits not only limited on DeFi
then its not really that something new.We know that this place is a honeypot for scammers,hackers,swindlers and other similar fellas who does have those
kind of intents.This is why its something inevitable where losing huge funds in relation is really that common.

DeFi is not just limited to trading our funds in a decentralised manner but its major aspects are staking where traders lock enough assets due to great to average returns being provided according to the ratio of least to highest TVL (Total value locked) in it. Let's think for a moment that you have staked your funds on Binance Dex and it gets hacked, was it your mistake? I guess no, and the funds gone will only be recovered either if the hacker agrees to send them back or is spotted/caught by police.

Well by logic it should be around 600 million or so give or take, a bit higher or lower is also possible. The logic is that defi was a lot more newer back in the day which is why there were a lot of exploits, nowadays we know what those were and there were cases studied to figure out what caused it and now there are less exploits possible. We could still have a whole project just becoming a rug pull and owners can run away with all the money they can, but when it comes to hackers, every single exploit is another one that we studied and fixed a hole in the system to be better defended against all of this, so it should be a lot less this year.

Maybe his point is that we shouldn't blatantly trust our money to his whole Defi as there are a lot of loopholes that cyber criminals are going to exploit over and over again. So still there is some mistakes if you believed that your funds are going to be safe with them.

And even if there are bug bounty or even 3rd party who look at the code and says it's good to go, sooner or later those hackers are going to find something in that code as they are one step of the game. So there is also risk, a very high risk that everyone should know. And if they are comfortable with it, then by all means invest and locked your funds and hopefully you will get a good returns after the lock in period.