48 Major Exploits, $718.34M Lost | Beosin & Footprint Analytics

Are losses in Q2 total $718.34 million, a decrease of nearly 40% from $1.2 billion in Q1.

In the second quarter of 2022, 48 large assaults in the Web3 sector were tracked, resulting in total losses of around $718.34 million, a decrease of approximately 40% from $1.2 billion in the first quarter and approximately 2.42 times the losses in Q1 2021 ($296.56 million).

Assets lost in the Web3 sector owing to assaults reached $1,912.87 million between January and June 2022.

Important takeaways

April was the busiest month for hackers. The number of assaults and losses decreased significantly in May, but hacker activity rose in June.

DeFi continues to have the highest rekt frequency by project type; roughly 79.2 percent of assaults occur in the DeFi domain.

In May, TVL values decreased significantly across all chains and attacked projects. Most projects saw a drop in TVL soon after being attacked.

This quarter's largest loss by chain was $381.35 million on Ethereum. The BNB Chain was the most often exploited chain, with 26 vulnerabilities.

Contract vulnerability exploitation and flash loans remain the most popular hacking approaches. Contract exploits accounted for 45.8 percent of all assaults. The largest losses, totalling $233 million, were generated through flash loans.

Hackers sent $418.89 million in stolen monies to Tornado.cash, accounting for 58.3 percent of the total amount taken during the period.

Only 52% of the targeted projects were audited.

This quarter, 43 large rug pull occurrences on the chain were observed, with total losses of nearly $34,266,402. According to incomplete information, Discord servers have been hacked more than 151 times. In May and June, rug pull and phishing security incidents were common.

Summary

In Q2 2022, DeFi security remained a major problem, accounting for around 79.2 percent of all assaults. DeFi has been the target of hacking assaults for two quarters in a row. Although NFT, cross-chain bridges, and exchange security breaches are not as common as DeFi events, many of them resulted in significant losses. Web3 initiatives of all kinds should improve security.

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