According to Blockchain auditing and security company CertiK, this year’s hacking figure is more than all of 2021 combined.
About $308 million were lost across 27 flash loan attacks in the second quarter, from $14 million in Q1.
Flash loans are a decentralised finance (DeFi) mechanism that lets borrowers access extremely large amounts of cryptocurrency for very short periods of time.
About $37.46 million was lost to “rug pulls” in Q2, down 16.5 % from the previous quarter.
Another report from Immunefi, a leading bug bounty platform, claimed this week that 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.
The crypto losses in the second quarter were up 52 % from $440 million in the same period last year.