Crypto Exploits Strike $670M Q2 2022: ImmuneFi Report

Key Takeaways

  • A new report from ImmuneFi promises that crypto protocols shed above $670 million in Q2 2022.
  • The quantity of hacks came in at double the past quarter, but the whole money misplaced observed a minimize.
  • Attacks on Beanstalk, Horizon, Mirror Protocol and Fei Protocol accounted for the greater part of the losses in excess of the quarter.

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ImmuneFi has posted a new report stating that DeFi protocols collectively shed far more than $670 million in 50 exploits in excess of the very last quarter. Whilst the frequency of assaults enhanced versus Q1, the overall cash lost lessened. 

ImmuneFi Report Highlights Crypto Attacks 

Crypto dropped north of $670 million to exploits in the past quarter, a new ImmuneFi report has located. 

The blockchain safety system has claimed that black hat hackers and fraudulent founders exploited various crypto protocols for a complete sum of $670,698,280 in the 2nd economical quarter of 2022. Contrasting with the preceding quarter, most of the losses came from hacks on DeFi protocols rather than cross-chain bridges.

The greater part of cash lost in Q2 came from four jobs: 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 very first quarter of the yr noticed report losses. From January as a result of March, a lot more than $1.2 billion was stolen from the crypto ecosystem. Most notably, Axie Infinity’s Ronin Network was exploited for in excess of $550 million, while Solana’s Wormhole bridge was attacked for $326 million.

Even though the price of hacked funds has diminished considering that the commencing of the yr, the amount of hacks has doubled. In accordance to ImmuneFi, Q1 2022 saw 25 assaults, and the last quarter observed 50. Past month, Aurora rewarded a whitehat hacker $6 million for disclosing a vulnerability that could have put $100 million of funds in hazard. The bounty was the 2nd-largest ever compensated out for a crypto vulnerability, ImmuneFi famous.

Disclosure: At the time of crafting, the creator of this piece owned ETH and several other cryptocurrencies. 

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