- A new report from Immunefi claims that the crypto protocol lost over $670 million in the second quarter of 2022.
- The number of hacks doubled in the last quarter, but saw a decrease in the total funds lost.
- Attacks on Beanstalk, Horizon, Mirror Protocol and Phi Protocol accounted for most of the losses in the quarter.
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Immunefi has published a new report stating that the DeFi protocol collectively lost over $670 million in 50 exploits over the past quarter. While the frequency of attacks increased compared to Q1, the total funds lost decreased.
ImmuneFi report sheds light on crypto attacks
A new ImmuneFi report found that the cryptocurrency lost $670 million in the last quarter.
The blockchain security platform has said that black hat hackers and fraudulent founders have taken advantage of various crypto protocols in aggregate. $670,698,280 in the second fiscal quarter of 2022. Compared to the previous quarter, most of the losses came from hacks on the DeFi protocol rather than cross-chain bridges.
Most of the money lost in Q2 came from four projects: beanstalk ($182 million), Harmony horizon bridge ($100 million), mirror protocol ($90 million), and FEI Protocol ($80 million).
While the amount of $670 million represents a nearly 50% increase from the $440 million loss due to the hack in the second quarter of 2021, the first quarter of the year saw record losses. From January to March, over $1.2 billion was stolen from the crypto ecosystem. Specifically, Axie Infinity’s ronin network was exploited for more than $550 million, while Solana wormhole The bridge was raided for $326 million.
While the value of hacked funds has decreased since the beginning of the year, the number of hacks has doubled. According to Immunfi, there were 25 attacks in the first quarter of 2022 and 50 in the last quarter. last month, aurora A WhiteHat hacker was rewarded $6 million for disclosing a vulnerability that could have put $100 million worth of funds at risk. Immunefi noted that the crypto vulnerabilities had the second highest paid reward ever.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.