According to a recent study by web 3 security firm Beosin, over $718 million was lost to web 3 related schemes in the second quarter of 2022.
The report says 48 major “attacks” were responsible for the casualties. Each accounted for more than $100 million in losses, with 28 suffering losses of $1 million to $10 million.
Data shows April was the busiest month for hacking, with “19 major security incidents” and over $374 million lost.
Losses have decreased considerably in parallel Bitcoins BTC/USD prices in May. However, despite the continued decline in the market, it saw an interesting spike in June.
Also read: How a hacker stole $360,000 worth of NFTs from the Bored Ape Yacht Club Discord server
Defi was the top target for Web 3 hackers. Nearly 79.2% of attacks occurred in this space in the last quarter, accounting for 63.3% of losses.
According to the data, the most common attack method was to exploit vulnerabilities in smart contract code, resulting in the loss of $138 million. These accounted for 45.8% of attacks, up from 50% in the first quarter.
In addition, 52% of the attacked projects would have been audited, which represents 76.2% of the stolen funds.
The report also mentions that Ethereum ETH/USD posted a loss of $381.35 million last quarter due to the hacking frenzy.