A new report by blockchain auditing and security company, CertiK, indicates that over $2 billion worth of various cryptocurrencies has been lost in the first half of 2022.
According to CertiK, in Q2 2022:
- A total of $870 million worth of crypto was lost to various hacks and scams, which when added to Q1, leads to more than $2 billion lost in 2022
- A total of $308.6 million was lost to 27 flash loans
- Over $520 million lost to exploits in over 39 attacks
- $37.46 million was lost to rug pulls
- Using Q1 and Q2 as baselines, there has been nearly $656 million in losses – a 78% increase in loss over the previous year
Based on the report, 2022 has already lost more to hacks and exploits than the entirety of 2021 and is already the most expensive year for Web3 by far.
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SEE ALSO: EXPLAINER: What Are Rug Pull Scams and Tips on How to Avoid Them
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The security breaches highlighted in the report include:
- Flash Loan Attacks
- Phishing
- Rug Pulls
- Exploit Attacks
Part of the report reads:
“In Q2, 2022, a total of $308,579,156 has been lost due to 27 flash loan attacks, making it the highest amount lost via flash loan attacks ever recorded.
In Q1 $14 million was lost to flash loans.“
– CertiK Hack3d 2022 Report
Phishing attacks have increased by 170% since last quarter, highlighting social media platforms as a major pain point for Web3 projects. CertiK also found that a total of $37.46 million was lost to rug pulls in Q2 of this year, down 16.5% from the previous quarter.
You can read our article on rug pulls and how to avoid them.
Q2 also saw over $520 million lost to exploits over 39 attacks. This is a marked decline in losses when compared with Q1 – down 57% from $1.2 billion, yet surprisingly no decline in the number of attacks, which actually slightly increased from 33 to 39.
“If one lesson can be taken from the trauma of Q2, it is that, in Web3, the security of a single project and the security of the entire ecosystem depend on one another.”
– CertiK
CertiK says the report data came from 628 audited projects and 432 new clients in Q2 2022.
CertiK also completed KYC verification for 67 projects.
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RECOMMENDED READING: Kenyan Detectives Nab Students Hacking Credit Cards to Buy Bitcoin
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