Analysis

Crypto Exploits Hit $670M Q2 2022: ImmuneFi Report

Key Takeaways

  • A brand new report from ImmuneFi claims that crypto protocols misplaced over $670 million in Q2 2022.
  • The variety of hacks got here in at double the earlier quarter, however the whole funds misplaced noticed a lower.
  • Assaults on Beanstalk, Horizon, Mirror Protocol and Fei Protocol accounted for almost all of the losses over the quarter.

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ImmuneFi has revealed a brand new report stating that DeFi protocols collectively misplaced greater than $670 million in 50 exploits over the past quarter. Whereas the frequency of assaults elevated versus Q1, the full funds misplaced decreased. 

ImmuneFi Report Highlights Crypto Assaults 

Crypto misplaced north of $670 million to exploits within the final quarter, a brand new ImmuneFi report has discovered. 

The blockchain safety platform has mentioned that black hat hackers and fraudulent founders exploited varied crypto protocols for a complete sum of $670,698,280 within the second monetary quarter of 2022. Contrasting with the earlier quarter, a lot of the losses got here from hacks on DeFi protocols fairly than cross-chain bridges.

Nearly all of funds misplaced in Q2 got here from 4 initiatives: Beanstalk ($182 million), Concord’s Horizon bridge ($100 million), Mirror Protocol ($90 million), and Fei Protocol ($80 million).

Whereas the $670 million sum represents an nearly 50% improve from the $440 million misplaced to hacks in Q2 2021, the primary quarter of the 12 months noticed report losses. From January by means of March, greater than $1.2 billion was stolen from the crypto ecosystem. Most notably, Axie Infinity’s Ronin Community was exploited for over $550 million, whereas Solana’s Wormhole bridge was attacked for $326 million.

Whereas the worth of hacked funds has decreased for the reason that starting of the 12 months, the variety of hacks has doubled. In keeping with ImmuneFi, Q1 2022 noticed 25 assaults, and the final quarter noticed 50. Final month, Aurora rewarded a whitehat hacker $6 million for disclosing a vulnerability that might have put $100 million of funds at risk. The bounty was the second-largest ever paid out for a crypto vulnerability, ImmuneFi famous.

Disclosure: On the time of writing, the creator of this piece owned ETH and a number of other different cryptocurrencies. 

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