Web 3.0 Saw Losses Of Over $718,000,000 In The Second Quarter Of This Year

According to recent information from a blockchain security firm, the Web 3.0 industry lost hundreds of millions of dollars 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 loss total is down 40% from the $1.2 billion in losses recorded in the first quarter of 2022, but it is still up 142% from the $296.56 million in losses reported in the first quarter of 2021, according to the blockchain security company.

48 major attacks were monitored in the Web 3.0 space

“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.”

Beosin claims that the three largest losses, totaling $182 million, $113 million, and $100 million respectively, occurred from the credit-based stablecoin project Beanstalk Farms and the smart contract platforms Elrond (EGLD) and Harmony (ONE).

Beosin also discovers that the malicious actors targeted the decentralized finance (DeFi) sector explicitly, with Ethereum (ETH) and Binance Chain taking the brunt of the assaults.

“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.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News