Immunefi Crypto Losses Report Q2 2022
The team at Immunefi, the leading bug bounty and security services platform for web3 which protects over $100 billion in users' funds, has assessed the volume of crypto funds lost by the community due to hacks and scams in Q2 2022.
Overview
We have reviewed all instances where blackhat hackers have exploited various crypto protocols, as well as cases of alleged fraudulent protocols and founders who have performed a rug pull in Q2 2022. We have located 50 such instances, including both successful and semi-successful hacking attempts, as well as fraud events.
In total, we have seen a loss of $670,698,280 across the web3 ecosystem in Q2 2022. The majority of these funds was lost by 4 specific projects, Beanstalk known as a decentralized stablecoin protocol, the Harmony Horizon Bridge, Mirror Protocol, and Fei Protocol.
These numbers represent almost a 1.5x growth compared to Q2 2021, when hackers and fraudsters stole $440,021,559.
In Q2 2022 most of the losses – 96.92% – happened as a result of hacks. It is also notable that blackhat hackers are now primarily targeting and exploiting DeFi – 49 out of 50 instances involved DeFi protocols.
TOP 10 LOSSES IN Q2 2022
| Project | Loss |
|---|---|
| Beanstalk | $182,000,000 |
| Harmony Horizon | $100,000,000 |
| Mirror Protocol | $90,000,000 |
| Fei Protocol | $80,340,000 |
| Fantom Scream | $35,000,000 |
| Optimism * | $35,000,000 |
| Akutars | $33,000,000 |
| Deus Finance | $13,400,000 |
| Elephant Money | $11,200,000 |
* The funds have been partially returned.
Download the full report here.
Get the full dataset here.
For questions about this study or Immunefi itself, reach out at press@immunefi.com
About Immunefi
Immunefi is the leading security platform for crypto, protecting more than $180 billion in user funds, and securing protocols across the full development lifecycle, from pre-deployment through production.
