According to DeFiYield, the total loss from Defi exploits is $1.7 billion

This year has seen so many decentralized finance attacks that one protocol has made attempts to establish what it refers to as a “Defi REKT database.”

DeFiYield, a cross-chain asset management platform and DEX aggregator, announced the launch of its latest offering, a database of DeFi scams, hacks, and exploits, on Aug 30.

The team has amassed a record dating all the way back to 2016 of rug pulls, vulnerabilities, hackers, dubious ventures, and exit scams. It has tallied the entire sum lost over the last five years, which it claims is a whopping $1.7 billion from 2,516 “REKT” projects. The protocol detailed its objectives, which include averting more 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.”

500 flaws in Defi

On June 1, DeFiYield announced the launch of the Open Audits Archive, a web archive of smart contract audits. This is the world’s first, according to DeFiYield.

The REKT Database is an extension of this, containing 500 scams, hacks, flash loan attacks, and exploit incidents, the total amount of money lost across all of these events, and a detailed explanation of all technical concerns. DeFiYield alluded to the rise of fast food-related scams that occurred during the summer of 2020.

“These were backed by malevolent developers who used a variety of deception techniques to appear honest and trustworthy while luring naïve consumers with promises of large returns.”

It continued by stating that this served as the impetus for the construction of the audits archive and, later, the REKT database. Additional functionality will be implemented, and users will have access to the database via popular cryptocurrency wallets such as MetaMask.

The most serious exploit is the recent Poly Network hack, which resulted in a loss of over $600 million. Fortunately, the hacker was benign and refunded the funds, but others did not.

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