A huge $670 million of cryptocurrency was stolen in the second quarter of 2022.
Bug bounty and security services platform Immunefi revealed the figure in its Crypto Losses report, which said the figure was up 52% compared to the same period in 2021.
Four massive hacks contributed most to the 2022 figure: decentralised stablecoin protocol Beanstalk, which lost $182m; layer-1 blockchain bridging protocol Harmony Horizon, which lost $100m; and decentralised finance protocols Mirror and TribeDAO, which lost $90m and $80m respectively.
The vast majority of the losses – almost 97% – were the result of hacks. There were 50 successful hacking attempts in the period, with 49 of those targeting DeFi projects.
However the losses for Q2 were actually down by 45.5% from the $1.23 billion figure in the first quarter of 2022.