In the first four months of 2023 54 DEFI projects and 2 CEX fell victim to hacks or rugpull. The total loss is about $435M. The biggest hack is the Euler Finance hack with $197M stolen.
The largest amount was stolen in March, mainly due to the Euler Finance hack, which accounted for over 90% of all stolen funds in March.
Most of the DEFI projects and CEX have lost due to hacks and exploitation of smart contract vulnerabilities.
Most of the hacks happened on the BSC and ETH networks. In third place in terms of attractiveness for hackers was the Arbitrum network. The openness of smart contracts on these networks makes it easy for hackers to find vulnerabilities. Reentrancy attacks and price manipulation attacks are still in the lead.
The number of hacks that happened on BSC network is larger than the number of hacks on ETH, but the amount of the assets stolen on ETH is much larger (85.37% of all stolen funds).
In case of rugpulls the situation is similar in terms of the distribution of the number of rugpull cases across different blockchains. The Ethereum network has experienced the most cases of theft of funds by the creators of DeFi protocols.
However, in terms of the amount of lost funds, the Optimism network is the undisputed leader. Despite the fact that we recorded only one case of rugpull in this network for the first four months of 2023 — Kokomo Finance, the amount of funds lost in this case is $4M, which is 42.64% of all funds lost due to rugpulls during this period.