Web3 Blockchain Projects Lost Over $2 Bn To Hacks In 2022 First Half
Blockchain projects around Web3.0 lost more than USD 2 billion to hacks and exploits in the first six months this year, a new report by Blockchain auditing and security company CertiK, has shown.
According to, this year's hacking figure is more than all of 2021 combined.
About USD 308 million were lost across 27 flash loan attacks in Q2, and USD 14 million in Q1.
A decentralised finance (DeFi) mechanism, Flash loans, allows borrowers to access extremely large amounts of cryptocurrency for very short periods of time. These could be used to manipulate the value of a certain token on exchanges or buy up all of the governance tokens in a project and vote to withdraw all of the funds.
Additionally, a recent Federal Trade Commission (FTC) report stated that nearly 46,000 Americans reported losing over $1 billion in crypto to scams since early 2021.
