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REKT database reveals $1.7 billion has been lost to DeFi exploits
Published Sep 01, 2021 02:13AM ET
Updated Sep 01, 2021 02:30AM ET
REKT database reveals $1.7 billion has been lost to DeFi exploits
On August 30, cross-chain asset management platform and DEX aggregator, DeFiYield, unveiled a database of DeFi scams, hacks, and exploits. About $1.7 billion has been lost to DeFi scams in the past five years.
DeFiYield’s latest offering collated a database of rug pulls, vulnerabilities, hacks, dubious projects, and exit scams going back to 2016. It took a cumulative sum of the total amount lost, which it claims is a mammoth $1.7 billion from 2,516 “REKT” projects over the past five years.
According to the protocol, its motivations are geared around preventing further losses.
What the team has created is a valuable store of all key information concerning rug pulls, which will help to prevent other malicious actors from attempting the same scams in future.Earlier this year, DeFiYield announced what it claims is the world’s first web archive of smart contract audits called the “Open Audits Archive.”
The REKT Database is an extension of the Open Audits Archive, and it contains 500 exploit events, the total of all funds lost across all the events, and a full breakdown of all the technical issues that occurred.
It referenced the trend of fast-food-related scams that surfaced on the scene during the 2020 DeFi summer.
These were backed by malicious developers who employed a range of tactics to appear honest and trustworthy while dazzling their unsuspecting victims with promises of significant yields.The firm claimed that this was the backdrop for the creation of the audits archive and subsequently the REKT database.
Additional features will be added that will enable users to access the database through popular crypto wallets such as MetaMask.
So far, the largest recorded exploit is the recent Poly Network hack that resulted in the loss of over $600 million. However, the attacker was lenient enough to return the funds. Other networks were not so fortunate.
As reported by BTC PEERS, in May DeFi protocol PancakeBunny suffered a security breach that saw the attacker steal $200 million worth of cryptos. There have been many other similar flash loan attacks since the beginning of the year.
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