Flash loan attacks in particular were a growing threat.
In the first six months of 2022, Web3 projects have lost more than $2 billion to hacks and exploits — more than all of 2021 combined.
That’s according to research from blockchain auditing and security company CertiK, which on Thursday released itscovering Q2 of this year. The report paints a sobering picture of a cryptocurrency space still plagued by hacks, scams, and phishing schemes while also facing relatively new threats like flash loan attacks.
CertiK puts particular focus on this last category of threat, which has been created by the invention of flash loans: a decentralized finance mechanism that lets borrowers access extremely large amounts of cryptocurrency for very short periods of time.
Phishing attacks also increased in frequency between Q1 and Q2 of this year, with CertiK recording 290 in the most recent quarter compared with 106 in the first three months of the year.
, which may be driving away the less experienced investors who are likely to be fooled by scam projects.Subscribe to get the best Verge-approved tech deals of the week.Please confirm your subscription to Verge Deals via the verification email we just sent you.
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