BTC $20276.87 (-9.4%)
ETH $1609.55 (-6.6%)
USDT $1.00 (-0.0%)
BCH $118.33 (-8.3%)
BSV $51.98 (-5.5%)
LTC $59.49 (-3.0%)
BNB $279.36 (-4.9%)
ADA $0.47 (-7.6%)
DOGE $0.06 (-5.6%)
BTC $20276.87 (-9.4%)
ETH $1609.55 (-6.6%)
USDT $1.00 (-0.0%)
BCH $118.33 (-8.3%)
BSV $51.98 (-5.5%)
LTC $59.49 (-3.0%)
BNB $279.36 (-4.9%)
ADA $0.47 (-7.6%)
DOGE $0.06 (-5.6%)

Hackers Steal Over $2 billion from Web3 projects This year

Blockchain News
  • CertiK reports that hacks and exploits have caused more than $2b in losses from web3 projects.
  • 27 different flash loan attacks stole $308 million in the second quarter, compared to $14 million in the first.
  • CertiK logged 290 phishing attacks in the second quarter and 106 in the first.

Hackers have caused losses for Web3 projects totaling over $2 billion in only the first half of 2022, which is more than the total amount lost in all of 2021, according to a recent report released by Blockchain auditing and security company CertiK.

As a result of 27 separate flash loan assaults, about $308 million was stolen during the second quarter, which is a stunning increase from the first quarter’s loss of $14 million. Lenders are granted access to very huge sums of bitcoin for very brief periods of time using a technique known as a flash loan, which is a kind of decentralized finance (DeFi) mechanism.

According to CertiK, when used maliciously, flash loans may affect the value of a particular token on exchanges or buy up all of the governance tokens in a project and vote to remove all of the cash, as was the case with Beanstalk back in April.

Additionally, phishing assaults also became more common between the first and second quarters of this year, with CertiK logging 290 in the most recent quarter and 106 in the first three months of the year. Since the beginning of the previous quarter, the number of phishing assaults has surged by 170 percent, indicating social networking platforms as a key problem for web3 initiatives.

Because of its continued popularity as the social network of choice for the cryptocurrency and NFT scene, despite persistent security concerns, Discord was the target of the great majority of phishing attempts.

Jai Hamid is an aspiring journalist who spills her ideas on cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, he is more inclined to write about reality than fiction.