Web3 Witnessed Over $718,000,000 in Losses in Q2 This Year, According to Blockchain Security Firm

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New information from a blockchain safety firm reveals that the Net 3.0 sector suffered lots of of thousands and thousands of {dollars} price of losses within the second quarter of this 12 months.

In response to a brand new report by Beosin, Net 3.0 witnessed 48 main cyber assaults in Q2 with complete losses of roughly $718.34 million.

The blockchain safety agency notes that the determine is down 40% from the $1.2 billion in losses tallied within the first quarter of 2022 however 142% greater than the recorded losses in Q1 2021 price $296.56 million.

“In Q2 2022, 48 main assaults have been monitored within the Net 3.0 house, with a complete lack of roughly $718.34 million. There have been three assaults with losses of $100 million or extra, 12 assaults with losses of $10 million or extra, and 28 assaults with losses of $1 million or extra.”


In response to Beosin, the three largest losses got here from credit-based stablecoin mission Beanstalk Farms and sensible contract platforms Elrond (EGLD) and Harmony (ONE) to the tune of $182 million, $113 million and $100 million, respectively.

Beosin additionally finds that the unhealthy actors particularly focused the decentralized finance (DeFi) house with Ethereum (ETH) and Binance Chain receiving the brunt of the assaults.

“By mission kind, DeFi continues to have the best rekt frequency; roughly 79.2% of assaults happen within the DeFi area… By chain, the best loss this quarter was on Ethereum, $381.35 million. Probably the most regularly attacked chain was BNB Chain, with 26 exploits.”

The cybersecurity group then notes that a lot of the stolen funds have been transferred to Twister.money, a crypto mixing service.

“Roughly $418.89 million in stolen funds have been transferred to Twister.money by hackers, representing 58.3% of the overall quantity stolen through the quarter.”

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