Web3 Witnessed Over $718,000,000 in Losses in Q2 This Year, According to Blockchain Security Firm
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New data from a blockchain security company reveals that the Web 3.0 sector suffered hundreds of millions of dollars worth of losses in the second quarter of this year.
According to a new report by 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 the $1.2 billion in losses tallied 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 space, 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 came from credit-based stablecoin project Beanstalk Farms and smart contract platforms Elrond (EGLD) and Harmony (ONE) to the tune of $182 million, $113 million and $100 million, respectively.
Beosin also finds that the bad actors specifically targeted the decentralized finance (DeFi) space with Ethereum (ETH) and Binance Chain receiving the brunt of the attacks.
“By project type, DeFi continues to have the greatest rekt frequency; approximately 79.2% of attacks occur in the DeFi domain… By chain, the greatest loss this quarter was on Ethereum, $381.35 million. The most frequently attacked chain was BNB Chain, with 26 exploits.”
The cybersecurity 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 were transferred to Tornado.cash by hackers, representing 58.3% of the total amount stolen during the quarter.”