Certik reported that DeFi protocols' losses due to hacks and cybersecurity breaches showed a significant decrease of 58% in the second quarter of 2023. This exciting development highlights that the defi industry's security and technical defenses are continually improving their efficiency. Compared to the first quarter, the decline represents a slight decline from the $330 million figure, boosting investor confidence and demonstrating the robustness of the industry. Focus on Q2 2023 Security Breaches During Q2, 212 security incidents recorded an average loss of $1.5 million. April and June were particularly lucrative for illicit gambling, recording more than 70 incidents and more than $100 million in losses. Comparatively, May had the fewest exploits, counting just 63, with losses capped at $74.6 million. Exit Scams Not Remaining a Serious Threat Alarmingly, exit scams, also known as rug pulling, were the most common security incidents during the quarter. It saw a significant increase in bad actors exploiting 98 projects to steal a whopping $70.35 million, double the first quarter figure ($31 million). Notorious cases include Morgan DF Fintoch, which recorded losses of more than $30 million, as well as Ordinals Finance and Chibi Finance, each absconding with around $1 million. The Rise of Bad Actors on the BNB Chain Coinciding with its growing popularity, crypto projects on the BNB chain have become a prime target for exploits. The CertiK report noted 119 incidents involving the network, resulting in losses of $70.7 million. In comparison, Ethereum (ETH) saw 55 breaches, resulting in a loss of $66 million.Exploits via Flash Loans and Oracle Manipulation Flash loans/oracle manipulation accounted for 54 incidents with $23.7 million stolen, while other forms of security breaches resulted in an alarming loss of 219 .5 million dollars. Most of this loss would be attributed to the largest exploit of the quarter, the $100 million hack of Atomic Wallet.