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A protracted period of decline in the cryptocurrency market reduced the production of hackers from attacks on smart contracts in the second quarter. According to Beosin Blockchain Security, the attackers managed to get $ 718 million, which is 40% lower than the results of the first quarter.
Unfortunately, with the development of the web 3.0 industry, the damage from hacker attacks is also growing, which increased by 142% compared to the second quarter of 2021.
Attackers still receive a larger portion of the revenue from finding vulnerabilities on the Ethereum blockchain. The main goal is to hack DeFi projects, which accounted for 79% of incidents. The BNB Chain network came out on top in terms of the number of exploits, its ecosystem has suffered 28 attacks in three months.
Stolen funds are laundered through Tornado Cash. The service mixed 58.3%, so that traces of coins were lost for further tracking.
According to the amount of exploits, hackers managed to conduct three major hacks, above $ 100 million In the first place was the Beanstalk Farms platform ($ 182 million), the second place went to Elrond ($ 113 million), the third place went to Harmony ($ 100 million).
Beosin has detected and tracked 48 major successful hacking incidents recognized as affected projects. However, the actions of hackers still cause less damage to the cryptocurrency market than the actions of the creators of crypto projects. The collapse of the Terra blockchain and a series of bankruptcies of deFi startups cost investors tens of billions of dollars in irretrievable losses. The figure of damage will continue to grow, three companies have just begun the procedure of financial restructuring.
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