As the decentralized finance (DeFi) sector continues to expand, so too does the risk of financial loss due to hacks and exploits. In the first quarter of 2023, crypto losses totaled a staggering $452 million. Despite this alarming figure, losses have decreased compared to Q1 2022, which saw $1.3 billion lost. The need for enhanced security measures and vigilance in the cryptocurrency space has never been greater. This is where De.Fi comes in.
De.Fi is an all-in-one Web3 Super App and Antivirus, featuring an Asset Management Dashboard, Opportunity Explorer, and the world’s first Crypto Antivirus powered by the largest compilation of DeFi hacks and exploits, the Rekt Database. Trusted by over 600K users globally, De.Fi aims to drive DeFi adoption by making the self-custody transition as simple and secure as possible.
The Rekt Database, a key component of De.Fi, has recorded the recovery of $130 million in Q1 2023, achieving a recovery rate of 28.7%. While this is a decrease from the $520 million recovered in Q1 2022, where the recovery rate reached 40%, the database remains a valuable tool for investors.
Notable losses in Q1 2023 included Euler and BonqDAO, with a combined loss of over $316 million. Flash loan issues have become increasingly common, accounting for over $200 million in losses in recent months. Ethereum emerged as the chain with the highest recorded losses for the first three months of the year, while BNB Smart Chain remains a popular target for crypto criminals. In terms of frequency, smart contract exploits were the most common, followed by rugpull and flashloan attacks.
Tokens were the most popular targets in terms of attack vectors, as they are easy to deploy and prey on the fear of missing out (FOMO) experienced by many new crypto investors. However, lending and borrowing protocols accounted for the largest amounts lost due to high-profile events like the Euler Finance and BonqDAO attacks.
With cases like CoinDeal, Monkey Drainer, and Platypus Finance highlighting the threats faced by investors in the DeFi sector, it is crucial for investors to have the necessary tools and resources to make well-informed investment choices. De.Fi’s suite of features, including its groundbreaking Crypto Antivirus, aims to equip users with the knowledge and protection they need in this ever-evolving industry.
Backed by Okx, Huobi, former Coinbase M&A, and used by large companies worldwide, including University College London and Coingecko, De.Fi is quickly becoming the go-to tool for every crypto investor looking to navigate the DeFi space safely and securely.
As DeFi continues to grow in prominence, ensuring the security and well-being of investors is of paramount importance. De.Fi’s innovative tools and services provide an essential safeguard for those looking to enter this complex and dynamic market, making it an indispensable resource for investors in the world of cryptocurrency.