According to Blockchain Security Firm, Web3 suffered over $718,000,000 in losses in the second quarter of this year

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Last Updated on July 17, 2022 by Bitfinsider

According to new data from a blockchain security company, the Web 3.0 sector lost hundreds of millions of dollars in the second quarter of this year.

According to a new Beosin report, Web 3.0 saw 48 major cyber attacks in Q2 with a total loss of $718.34 million.

The blockchain security firm notes that the figure is 40% lower than the $1.2 billion in losses recorded in the first quarter of 2022, but 142% higher than the $296.56 million in losses recorded in Q1 2021.

The three largest losses, according to Beosin, came from credit-based stablecoin project Beanstalk Farms and smart contract platforms Elrond (EGLD) and Harmony (ONE), totaling $182 million, $113 million, and $100 million, respectively.

Beosin also discovered that the bad actors targeted the decentralized finance (DeFi) space specifically, with Ethereum (ETH) and Binance Chain bearing the brunt of the attacks.

“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.

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.


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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