Web3 experienced over $ 718,000,000 in losses in the second quarter of this year, according to the Blockchain Security Firm
New data from a blockchain security company reveals that the Web 3.0 sector suffered losses of hundreds of millions of dollars in the second quarter of this year.
According to a new report from Beosin, Web 3.0 witnessed 48 major cyber attacks in Q2 with total losses of approximately $ 718.34 million.
The blockchain security firm notes that the figure is down 40% from $ 1.2 billion in losses calculated in the first quarter of 2022, but 142% higher than the recorded losses in Q1 2021 worth $ 296.56 million.
“In Q2 2022, 48 major attacks were monitored in the Web 3.0 area, with a total loss of approximately $ 718.34 million. There were three attacks with losses of $ 100 million or more, 12 attacks with losses of $ 10 million or more, and 28 attacks with losses of $ 1 million or more. “
According to Beosin, the three biggest losses from the credit-based stablecoin project Beanstalk Farms and the smart contract platforms Elrond (EGLD) and Harmony (ONE) came to 182 million dollars, 113 million dollars and 100 million dollars, respectively.
Beosin also finds that the bad players specifically targeted the decentralized finance (DeFi) area with Ethereum (ETH) and Binance Chain being hit by the attacks.
«By project type, DeFi still has the largest rectification frequency; about. 79.2% of attacks occur in the DeFi domain … By chain, the biggest loss this quarter was on Ethereum, $ 381.35 million. The most attacked chain was BNB Chain, with 26 companies. ”
The network security organization then notes that most of the stolen funds were transferred to Tornado.cash, a crypto-mixing service.
“Approximately $ 418.89 million in stolen funds was transferred to Tornado.cash by hackers, representing 58.3% of the total amount stolen during the quarter.”
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