Hacking and hacking caused losses of more than 700 million dollars in the second quarter of 2022

Hacking and hacking caused losses of more than 700 million dollars in the second quarter of 2022

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Answer Hacking and hacking caused losses of more than 700 million dollars in the second quarter of 2022

Web3 security company Beosin recently released a security report for the second quarter of 2022, analyzing the latest breaches and hacks related to the crypto and blockchain space.

The report found that more than $718 million was lost and stolen due to related fraud schemes during that period.

Reaching new numbers:

The report – which was produced in collaboration with “Footprint Analytics” – indicated that 48 main attacks are responsible for the aforementioned losses.

These attacks were far from equal in value. The most notable hacks mentioned in the report are:

Read:Selling a property in Switzerland for 135 million dollars based on the blockchain

Beanstalk Farms, Elrond and Harmony hacked.

These three hacks caused a loss of more than $100 million, with 28 other hacks losing between $1 million and $10 million.

The fourth-quarter loss technically represents a 40% decrease from the first-quarter loss of 2022, but is still 2.42 times higher than the $296.56 million recorded in the first quarter of 2021.

Additionally, losses in the first quarter of 2022 are likely to have been dominated by the Ronen Bridge piracy, which lost more than $600 million.

The data indicates that the month of April was the most active month for hacking, as the month of April witnessed 19 major security incidents and lost more than 374 million dollars.

Losses decreased significantly in May along with the price of Bitcoin, but saw an interesting rally in June despite the continued decline of the market.

The report indicated that all the blockchain networks and projects that were attacked saw a significant decline in the value of TVL in May.

Most of the projects experienced a decrease in the closed value of TVL immediately after the attack.

Read:The digital currency XRP drops to a new record not set since July 2020

The most common attacks:

Decentralized finance has been the main target among web 3 hackers.

Defi allows crypto users to access financial services such as borrowing and lending in a decentralized manner using self-executing smart contract software.

About 79.2% of attacks occurred in this space in the last quarter, accounting for 63.3% of the losses.

The most common method of attack was to exploit vulnerabilities in smart contract code, resulting in hackers reaching $138 million in total.

These accounted for 45.8% of the attacks, compared to 50% of the attacks in the first quarter.

The next most common attack method involved the use of quick loans.

Loans that do not require collateral but must be repaid in a short time.

Hackers often use quick loans to build broad control over a particular protocol’s governance code, allowing them to pass changes to the protocol they target.

Read:Bitcoin ATM Installations Rise Significantly

Such attacks made $233 million more in the second quarter than any other hacking method.

Like we told in the byline above, 52% of the projects attacked were audited.

Audited projects still account for the vast majority (76.2%) of funds stolen.

Projects and protocols based on the BNB blockchain are among the most targeted by hackers.

More than half of the stolen funds in the second quarter ($418.89 million) were transferred to Tornado Cash, a crypto-mixing service that helps hackers cover their financial tracks on the blockchain.

Read also:

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