February 9, 2023

Second Quarter The year 2022 was one for the books amid a turbulent period of what I like to call market frenzy, and evidence is constantly accumulating for the cryptocurrency markets. The second quarter was filled with massive crypto “losses” across the web3 ecosystem, about 97% of which were the result of the hack, according to a new report.

Immunefi Crypto Losses in Q2 2022 Report It reported a loss of $670,698,280 in the second quarter, an increase of 52% from $440,021,559 in the same period of 2021.

Most of these losses were contained in just four hacks: the decentralized stablecoin protocol bean tree lost $182 million; Layer 1 blockchain bridging protocol Harmony Horizon lost $100 million; Decentralized Finance (DeFi) Protocols Mirror And the TribeDAO She lost $90 million and $80.34 million, respectively.

“With every disruptive technology, there is an iteration process, and building a bigger and better DeFi platform currently relies more on speed than security.” Flux co-founder Daniel Keeler

While $670 million is a massive number, total crypto losses are down 45.5% from about $1.23 billion in the first quarter of 2022, according to an earlier report by Immunefi.

However, it’s worth noting that the rise in the first quarter was a bit lopsided due to the largest DeFi hack to date – a massive $625 million hack on Ronin’s network in March. Without this breakout, the first-quarter losses were more in line with the second quarter.

But as we enter the third quarter of the year, some market players believe breakouts are a trend that will continue regardless of current market conditions.

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