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More than $718M stolen from the crypto market in Q2 2022

Ronin network defi
Ronin network defi

Beosin, a web 3 security company, recently released a security report for the second quarter of 2022. The report looked at the latest hacking attacks and exploits within the blockchain sector, and detected that more than $718 million had been lost to exploits within the period. Most of these exploits were in the decentralized finance (DeFi) sector.

Over $718M lost to hacks

The report in question was created through a partnership with Footprint Analytics, and it referenced to around 48 major attacks as being behind these massive losses. During the period, some protocols reported large attacks where the losses amounted to more than $100 million.

While the number was huge, it was still 40% lower than what was reported stolen during the first quarter of 2022. However, the losses made in Q1 2022 were mainly caused by the exploit on the Ronin Bridge where more than $600 million was stolen by the hacker.

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The available data shows that most of the hacks that have happened so far this year were reported in April. During the month, 19 security incidents were reported and more than $374 million was lost. The losses reported in May were also less, with the drop coinciding with Bitcoin’s price dip.

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The DeFi space was the most affected by these hacks. During the last quarter, around 79.2% of the attacks were in the DeFi space. Hackers conducted attacks in the DeFi space by exploiting the smart contract code, with hackers stealing $138 million with such exploits.

Hackers also used flash loans as an entry point to exploit DeFi protocols. Flash loans are loans that do not need collateral, but have to be paid within a short time. Hackers use flash loans to gain control over the governance token of a protocol, and they can later make malicious changes. Flash loan exploits in Q2 2022 resulted in losses of $233 million.

Another route used by the exploiters is compromising the private keys. The security of privacy keys continues to be a concern as over the years, hackers have managed to steal large amounts of crypto through such exploits.

Hacks on BNB Chain

BNB Chain is currently the second-largest DeFi network by total value locked (TVL). The BNB Chain accounted for 26 of all the hacks reported during the quarter, which is more than half. BNB Chain now joins the likes of Ethereum, Fantom and Cronos that have been victims to major hacks over the past year.

The report also depicted an increase in the use of the Tornado Cash mixer. During Q2 2022, more than half of the stolen funds, around $418 million, were laundered through Tornado Cash.

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