Surprisingly, DeFi platforms have become the primary hunting ground for cunning hackers. The numbers don’t lie: a staggering $228 million was lost in the second quarter of 2023, spanning across 79 separate incidents. Meanwhile, their centralized counterparts managed to escape relatively unscathed, with losses of a measly $37 million in just two incidents. It’s a showdown between the decentralized and the centralized, and the hackers have chosen their side.

Read more: Crypto Kids Gone Wild: Canadian Teens Steals $4.2M as Coinbase Support


The Great Rugpull Mystery

In May, FinToch vanished into thin air, leaving behind a trail of shattered dreams and nearly $32 million in user funds. Promising a 1% daily interest rate, this scam, known as a rugpull, was exposed by none other than Twitter’s blockchain detective, ZachXBT. The question remains: who was the puppet master behind this elaborate scheme?

Unmasking the Preferred Targets

Not all chains are created equal when it comes to attracting the attention of these audacious hackers. Immunefi’s report reveals that BNB Chain and Ethereum were the primary victims, accounting for a whopping 77% of all losses in the last quarter. Hot on their heels is Arbitrum, claiming 12% of the hack attacks. What’s intriguing is that Arbitrum remained incident-free during the same period last year, making these recent assaults even more remarkable.

Read more: Binance launches an anti-fraud campaign after the pilot launch in Hong Kong

Silence from the Battleground

In the midst of this chaotic battle, one must wonder about the response from the frontlines. Decrypt reached out to Arbitrum for a comment, but the silence from their camp remains deafening. The same can be said for Binance, as a spokesperson has yet to respond to request for insight into this harrowing situation. Will these key players rise to the occasion and shed light on the ongoing war between hackers and the defenders of DeFi?


To Sum Things Up

The stage is set, the battle lines drawn. DeFi traders find themselves locked in a contest against hackers determined to exploit vulnerabilities. As losses mount and the stakes grow higher, one thing is certain: the world of DeFi will continue to be a hotbed of excitement, drama, and unexpected plot twists. Only time will tell who emerges victorious in this clash of crypto titans.

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