Global cryptocurrency market lost 52% to $670 mn in Q2, 97% of it due to Hacks and scams

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 (decentralised finance), 49 out of 50 instances involved DeFi protocols," the report noted. The teams at Immunefi protect over $100 billion in users' funds.

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The global cryptocurrency market lost at least $670 million in the April-June quarter (Q2), and 97 % of the losses were due to hacks and scams, a report said on Thursday. The crypto losses in the second quarter were up 52 % from $440 million in the same period last year.

“The majority of these funds was lost by four specific projects, Beanstalk known as a decentralized stablecoin protocol, the Harmony Horizon Bridge, Mirror Protocol, and Fei Protocol,” according to data from Immunefi, Web3’s leading bug bounty platform.

Crypto broker Voyager Digital filed for bankruptcy protection – https://markettimes.in/cryptocurrency-broker-and-lender-voyager-digital-filed-for-bankruptcy-protection-on-tuesday/

Crypto Currency market

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 (decentralised finance), 49 out of 50 instances involved DeFi protocols,” the report noted. The teams at Immunefi protect over $100 billion in users’ funds.

They located 50 such instances, including both successful and semi-successful hacking attempts, as well as fraud events, in Q2. The most common type of crypto fraud are investment scams and since 2021, the US Federal Trade Commission (FTC) has received complaints of losses totaling $575 million due to this kind of fraud.

People lost crypto worth over $185 million in the US via romance scams in the first quarter this year, as fraudsters use new means to rob their victims, with romance scams featuring prominently.

Market Times