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In the first six months of 2022, Web3 projects lost more than $2 billion to hacks and exploits. It is more than in 2021.
According to blockchain auditing and security company CertiK's research, the cryptocurrency space faces relatively new threats, such as flash loans, in addition to hacks, fraud and phishing schemes.
CertiK focuses on the flash loans: a decentralised financial mechanism that allows borrowers to access large amounts of cryptocurrency for very short periods of time. When maliciously used, they can be abused to manipulate the value of a particular token on exchanges or to buy up all the controlling tokens in a project and vote to withdraw all funds.
CertiK's report states that a total of $308 million was lost in the second quarter of 2022 as a result of 27 flash credit attacks.
Phishing attacks increased from Q1 to Q2 this year: CertiK recorded 290 attacks in the last quarter, compared to 106 in the first three months of the year. The vast majority of phishing attacks were aimed at Discord servers, indicating its continued popularity as a social network for the cryptocurrency and NFT space, despite ongoing security issues.
It should be noted that so-called "rug pulls" - that is, when project founders stop development and abscond with the money - is becoming less frequent, although tens of millions of dollars are still lost in this way.
CertiK found that a total of $37.46 million was lost in the second quarter of this year as a result of "rug pulls", down 16.5% from the previous quarter.
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