Rekt Data Says Over $1 Billion Lost to DeFi Scams

In a deliberate ploy to prevent further losses to similar reasons, foremost cross-chain asset management platform and DEX aggregator DeFiYield unveiled a latest offering, a database of DeFi scams, hacks, and exploits.

The new offering, according to an August 30 announcement, led to the collation of a database of rug pulls, vulnerabilities, hacks, dubious projects, and exit scams in the company as far back as five years ago, in 2016.

So far, a cumulative of the total amount lost has been summed to a whopping $1.7 billion from 2,516 REKT projects over the past five years.

According to the protocol, the motivations behind the project is that it is strictly geared towards preventing further losses.

The protocol noted that the team has successfully created an efficient store of all key information.

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,”the team’s protocol indicated.

Recall that on June 1, DeFiYield revealed that the launch of a web archive of smart contract audits named the Open Audits Archive and claims the archive is the first of its kind in the world world.

The new REKT Database is simply an extension of this. It contains about 500 scams, hacks, flash loan attacks, and exploit events, the total of all funds lost across all these events, and a full breakdown of all technical issues that were recorded during the period.

In the database, the team referenced the explosion of fast food-related scams that began to be a source of concern globally during the 2020 DeFi summers. It stated that these scams had the support of malicious developers who use different tactics.

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.”

It added that this was the backdrop for the creation of the audits archive and subsequently the REKT database. Additional features will be added and users will be able to access the database through popular crypto wallets such as MetaMask.

Significantly, the largest exploit listed is the recent Poly Network hack that resulted in the loss of around $600 million.

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