For half a year, Web3 projects lost more than 2 2 billion due to fraudsters

In the first six months of 2022, Web3 projects lost more than.2 billion due to hacks and exploits. The amount of losses is more than for the whole of 2021, writes The Verge.

On July 7, CertiK, a company that audits and secures blockchain projects, published its quarterly Web3 security report.The company's experts concluded that the blockchain sphere is still saturated with phishing schemes and exploits to steal money. Because of the decentralized structure of Web3, it is sometimes very easy for scammers to steal someone's money.In the first six months of 2022, Web3 projects lost more than.2 billion due to hacks and exploits-this is more than in the whole of 2021.The number of phishing attacks has increased: in the last quarter of 2022, there were 290 of them, while in the first three months-only 106. most cases of phishing occur in Discord.CertiK pays special attention to flash loans. Because of them, fraudsters stole 3 308 million in the second quarter of 2022, although in the first quarter this amount was only.14 million. Details

Flash loans are a decentralized financing mechanism that allows borrowers to access extremely large amounts of cryptocurrency for very short periods of time. Attackers can use flash loans to manipulate the value of a particular token on exchanges or buy up management tokens in a project and vote to withdraw all funds, as happened with Beanstalk in April.

CertiK found that now project founders are less likely to stop them and just run away with money. Although due to such fraud schemes, $37.46 million was lost in the second quarter of this year — this is 16.5% less than in the previous quarter. Although the report explains this by the current crypto winter.