According to the Certic Blockchain audit and security company, this year’s hacking rate is more than all 2021.Around $ 308 million lost in 27 flash loan attacks in the second quarter, from $ 14 million in Q1.Flash loan is a decentralized financial mechanism (Defi) that allows borrowers to access a large number of cryptocurrency for a very short period of time.
If used evil, flash loans can be used to manipulate the value of certain tokens in exchange or buy all governance tokens in a project and vote to withdraw all funds, as happened to Beanstalk in April, reported The Verge.Around $ 37.46 million was lost due to “tug -of -tent” in Q2, down 16.5 percent from the previous quarter.A rug attracts the crypto industry when the development team suddenly leaves the project and sells or eliminates all its liquidity.
Another report from Immunefi, the leading bug prize platform, claims this week that the global cryptocurrency market lost at least $ 670 million in the April-June (Q2) quarter, and 97 percent of the loss was caused by hacking and fraud.Crypto losses in the second quarter rose 52 percent from $ 440 million in the same period last year.
“The majority of these funds are lost by four specific projects, Beanstalk known as decentralized stablecoin protocols, Harmoni Horizon Bridges, Mirror Protocols, and Fei Protocols,” according to data from Immunefi.Nearly 46,000 Americans reported more than $ 1 billion in Crypto due to fraud since the beginning of 2021, according to the new Federal Trade Commission (FTC) report.
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