Hackers and fraudsters stole a total of USD 670.7m from various crypto protocols during the second quarter of the year, according to a report by major bug bounty and security services platform Immunefi. In 50 instances of both successful and semi-successful hacking attempts, decentralized finance (DeFi) projects lost USD 670,698,280 during the last quarter, said the report shared with Cryptonews.com. The figure is up by almost 50% compared to Q2 2021 when hackers and fraudsters stole USD 440,021,559. The report claimed that the bulk majority of the losses (almost 97%) happened as a result of hacks. It added that blackhat hackers are now primarily targeting and exploiting DeFi projects, as 49 out of 50 instances involved DeFi protocols. Beanstalk, a decentralized credit-based stablecoin protocol, ranks first among the top losses with around USD 182m lost due to an exploit. The next top hacks include the Harmony Horizon Bridge, Mirror Protocol, and Fei Protocol accounts, which lost USD 100m, 90m, and 80.3m, respectively.
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