Crypto Exploits Hit $670M Q2 2022: ImmuneFi Report – WORLD CRYPTO BUSINESS

Crypto Exploits Hit $670M Q2 2022: ImmuneFi Report


Key Takeaways

A new report from ImmuneFi claims that crypto protocols lost over $670 million in Q2 2022.
The number of hacks came in at double the previous quarter, but the total funds lost saw a decrease.
Attacks on Beanstalk, Horizon, Mirror Protocol and Fei Protocol accounted for the majority of the losses over the quarter.

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ImmuneFi has published a new report stating that DeFi protocols collectively lost more than $670 million in 50 exploits over the last quarter. While the frequency of attacks increased versus Q1, the total funds lost decreased. 

ImmuneFi Report Highlights Crypto Attacks 

Crypto lost north of $670 million to exploits in the last quarter, a new ImmuneFi report has found. 

The blockchain security platform has said that black hat hackers and fraudulent founders exploited various crypto protocols for a total sum of $670,698,280 in the second financial quarter of 2022. Contrasting with the previous quarter, most of the losses came from hacks on DeFi protocols rather than cross-chain bridges.

The majority of funds lost in Q2 came from four projects: 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 first quarter of the year saw record losses. From January through March, more than $1.2 billion was stolen from the crypto ecosystem. Most notably, Axie Infinity’s Ronin Network was exploited for over $550 million, while Solana’s Wormhole bridge was attacked for $326 million.

While the value of hacked funds has decreased since the beginning of the year, the number of hacks has doubled. According to ImmuneFi, Q1 2022 saw 25 attacks, and the last quarter saw 50. Last month, Aurora rewarded a whitehat hacker $6 million for disclosing a vulnerability that could have put $100 million of funds in danger. The bounty was the second-largest ever paid out for a crypto vulnerability, ImmuneFi noted.

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

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