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

New data from blockchain security companies reveals that the Web 3.0 sector suffered hundreds of millions of dollars in losses in the second quarter of this year.

According to the new report According to Beosin, Web 3.0 witnessed 48 major cyberattacks in the second quarter, resulting in a total loss of approximately $ 718.34 million.

Blockchain security companies said this figure is down 40% from the $ 1.2 billion loss aggregated in the first quarter of 2022, but from the $ 296.56 million loss recorded in the first quarter of 2021. It states that it is 142% more.

“In the second quarter of 2022, 48 major attacks were monitored in Web 3.0 space, resulting in a total loss of approximately $ 718.34 million. Three attacks with losses of $ 100 million or more lost. There were 12 attacks with a loss of $ 10 million or more and 28 attacks with a loss of $ 1 million or more. “

According to Beosin, the three biggest losses are $ 182 million, $ 113 million and $ 100 million from the credit-based stablecoin project Beanstalk Farms and smart contract platforms Elrond (EGLD) and Harmony (ONE), respectively. It was a dollar loss.

Beosin also found that malicious individuals were specifically targeting decentralized financial (DeFi) spaces, with Ethereum (ETH) and Binance Chain being struck by the attack.

By project type, DeFi frequency remains the highest. About 79.2% of attacks occur in the DeFi domain … By chain, Ethereum’s biggest loss this quarter was $ 381.35 million. The most frequently attacked chain was the BNB chain with 26 exploits. ”

Next, cybersecurity organizations note that most of the stolen funds were sent to the cryptocurrency mixing service Tornado.cash.

“Approximately $ 418.89 million of stolen funds were sent by hackers to Tornado.cash, which represents 58.3% of the total amount stolen during the quarter.”

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