$670 million became misplaced through crypto exploits in Q2 2022, per a brand original ImmuneFi document.
Key Takeaways
- A brand original document from ImmuneFi claims that crypto protocols misplaced over $670 million in Q2 2022.
- The will of hacks got right here in at double the earlier quarter, however the total funds misplaced noticed a lower.
- Attacks on Beanstalk, Horizon, Replicate Protocol and Fei Protocol accounted for the bulk of the losses over the quarter.
ImmuneFi has published a brand original document stating that DeFi protocols collectively misplaced bigger than $670 million in 50 exploits over the final quarter. Whereas the frequency of attacks increased versus Q1, the total funds misplaced decreased.
ImmuneFi File Highlights Crypto Attacks
Crypto misplaced north of $670 million to exploits within the final quarter, a brand original ImmuneFi document has came all the plan in which through.
The blockchain security platform has acknowledged that unlit hat hackers and pretend founders exploited diversified crypto protocols for a full sum of $670,698,280 within the second monetary quarter of 2022. Contrasting with the earlier quarter, a couple of the losses got right here from hacks on DeFi protocols somewhat than sinister-chain bridges.
The massive majority of funds misplaced in Q2 got right here from four initiatives: Beanstalk ($182 million), Concord’s Horizon bridge ($100 million), Replicate Protocol ($90 million), and Fei Protocol ($80 million).
Whereas the $670 million sum represents an nearly 50% extend from the $440 million misplaced to hacks in Q2 2021, the first quarter of the yr noticed document losses. From January through March, bigger than $1.2 billion became stolen from the crypto ecosystem. Most notably, Axie Infinity’s Ronin Community became exploited for over $550 million, whereas Solana’s Wormhole bridge became attacked for $326 million.
Whereas the value of hacked funds has decreased for the reason that beginning of the yr, the desire of hacks has doubled. Per ImmuneFi, Q1 2022 noticed 25 attacks, and the final quarter noticed 50. Final month, Aurora rewarded a whitehat hacker $6 million for disclosing a vulnerability that can possess set up $100 million of funds in hazard. The bounty became the second-superb ever paid out for a crypto vulnerability, ImmuneFi critical.
Disclosure: At the time of writing, the author of this share owned ETH and a couple of alternative cryptocurrencies.
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