Crypto projects lose over $670 million to hacks in Q2

In the second quarter of 2022, total losses across crypto projects from hacks and fraud amounted to $670,698,280, reported by Immunefi, the bounty-platform specialists.

\n\n\n\n

Experts tallied 50 incidents during the period, of which 49 involved DeFi protocols. The bulk of the losses — 96.62% — were tied to hacks.

\n\n\n\n

Four projects accounted for the majority of the quarter’s damages:

\n\n\n\n

• Beanstalk — $181 million;
• Harmony — $100 million;
• Mirror Protocol — $90 million;
• Rari Capital — $80 million.

\n\n\n\n

Immunefi specialists noted that, compared with the same period last year, losses from attackers rose by about one and a half times.

\n\n\n\n

In the first quarter of 2022, hackers and scammers drained from various protocols more than $1.22 billion. The largest hacks were Wormhole and Ronin incidents — $319 million and $625 million respectively.

\n\n\n\n

In May, the Wormhole team paid through Immunefi $10 million to a white-hat hacker, who discovered a critical vulnerability in the protocol. This is the maximum bounty under the project’s bounty program. A similar offer is available only from MakerDAO.

\n\n\n\n

Atlas VPN data show that since the start of the year, hackers targeting the crypto industry have stolen assets totaling $1.97 billion in hacks affecting 175 projects.

\n\n\n\n

Read ForkLog’s bitcoin news in our Telegram — cryptocurrency news, prices and analysis.