Key Takeaways
A new report from ImmuneFi claims that crypto protocols lost over $670 million in Q2 2022.
The number of hacks came in at double the previous quarter, but the total funds lost saw a decrease.
Attacks on Beanstalk, Horizon, Mirror Protocol and Fei Protocol accounted for the majority of the losses over the quarter.
Share this article
ImmuneFi has published a new report stating that DeFi protocols collectively lost more than $670 million in 50 exploits over the last quarter. While the frequency of attacks increased versus Q1, the total funds lost decreased.
ImmuneFi Report Highlights Crypto Attacks
Crypto lost north of $670 million to exploits in the last quarter, a new ImmuneFi report has found.
The blockchain security platform has said that black hat hackers and fraudulent founders exploited various crypto protocols for a total sum of $670,698,280 in the second financial quarter of 2022. Contrasting with the previous quarter, most of the losses came from hacks on DeFi protocols rather than cross-chain bridges.
The majority of funds lost in Q2 came from four projects: Beanstalk ($182 million), Harmony’s Horizon bridge ($100 million), Mirror Protocol ($90 million), and Fei Protocol ($80 million).
While the $670 million sum represents an almost 50% increase from the $440 million lost to hacks in Q2 2021, the first quarter of the year saw record losses. From January through March, more than $1.2 billion was stolen from the crypto ecosystem. Most notably, Axie Infinity’s Ronin Network was exploited for over $550 million, while Solana’s Wormhole bridge was attacked 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 ImmuneFi, Q1 2022 saw 25 attacks, and the last quarter saw 50. Last month, Aurora rewarded a whitehat hacker $6 million for disclosing a vulnerability that could have put $100 million of funds in danger. The bounty was the second-largest ever paid out for a crypto vulnerability, ImmuneFi noted.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
