According to the REKT database, DeFi exploits lost a total of $ 1.7 billion.
REKT database goes live
Because so many exploits took place in the DeFi area this year, a protocol prompted the creation of a REKT database.
In an announcement on August 30, the cross-chain asset management platform and DEX aggregator DeFiYield presented a database of DeFi scams, hacks and exploits.
The team has compiled a database of rug pulls, vulnerabilities, hacks, dubious projects and exit scams since 2016. This added a cumulative total of around $ 1.7 billion from 2,516 REKT projects over the past five years.
The minutes stated that the goal with the project is to prevent further losses.
“What the team has created is valuable repository of all the vital information about rug pulls that will help prevent other malicious actors from attempting the same scams in the future.”
On June 1st, DeFiYield announced a web archive of smart contract audits called Open Audits Archive, which is a world first.
The REKT database is an extension of the database and contains 500 scames, hacks, flash loan attacks and exploits, and outputs the sum of all these events and a complete breakdown of all technical problems encountered.
DeFiYield pointed to the rapid rise in fast food related scams that are popping up during DeFi Summer 2020.
“These were backed by malicious developers who used a variety of tactics to appear honest and trustworthy while baffling their unsuspecting victims with promises of substantial returns.”
That was also the reason for the development of this archive and subsequently the REKT database. Additional functions are planned and users can access the database via any crypto wallet such as MetaMask.
The biggest exploit is the recent Poly Network hack, which resulted in a loss of more than $ 600 million. However, the hacker sent the money back.
The total value blocked via various DeFi protocols has increased steadily since the end of July. According to DappRadar, this sum currently stands at USD 121 billion, an increase of 450 percent since the beginning of the year.
The top protocol is Uniswap with a TVL of $ 15.3 billion. Closely behind is Aave with $ 12.8 billion, while Curve Finance ranks third with $ 11 billion.
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