New Delhi: The global cryptocurrency market lost at least $670 million in the April-June quarter (Q2), and 97 percent of the losses were due to hacks and scams, a report said on Thursday. CryptoKitties’ losses in the second quarter were up 52 percent from $440 million in the same period last year. According to data from Web3’s leading bug bounty platform, Immunefi, “the majority of these funds are funded by four specific projects, Beanstalk, a decentralized stablecoin protocol known as the Harmony Horizon Bridge, the Mirror Protocol, and the Phi Protocol.”
“In the second quarter of 2022, the majority of losses, 96.92 percent, resulted from hacks. It is also notable that blackhat hackers are now primarily targeting and exploiting DeFi (decentralized finance), 49 out of 50 instances involving the DeFi protocol are,” the report noted. ,Also Read: SBI Freezes Customers Accounts For Not Updating KYC Details! Check how to complete your KYC now ,
Immunefi teams protect over $100 billion in users’ funds. The company said, “We have reviewed all instances where BlackHat hackers have exploited various crypto protocols, as well as the cases of alleged fraudulent protocols and founders who demonstrated Rag Pull in Q2 2022 Is.” ,Also read: Gold price today, July 8: Gold prices slashed by Rs 750, check gold rates in Delhi, Patna, Lucknow, Kolkata, Kanpur, Kerala and other cities,
They traced 50 such instances, including successful and semi-successful hacking attempts, as well as incidents of fraud in the second quarter. The most common type of crypto fraud is investment scam and as of 2021, the US Federal Trade Commission (FTC) has received complaints of losses totaling $575 million due to such fraud.
People lost over $185 million worth of cryptocurrency through romance scams in the first quarter of this year, as fraudsters use new means to rob their victims, which include romance scams prominently. According to a recent FTC report, nearly 46,000 Americans have reported losing more than $1 billion in cryptocurrencies since early 2021.