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Web 3.0 Blockchain project encounters a massive loss of $2 billion

A loss of more than $2 billion within the first six months on Blockchain projects around Web 3.0 to hackers and exploiters. A Blockchain auditing and security company named Certik reported the number of hacking figures of only six months topped 2021’s.

According to Certik almost $14 million loss was in the first quarter and $308 million on 27 flash loan attacks in the second quarter. Flash loans are provided to the borrowers to access a large amount of cryptocurrency within a short period of time. As reported almost $37.46 million were lost on simply ‘rug pulls’ where the developer attracted investors into a certain kind of crypto project and pulled the project before it reaches its maturity leaving the investors with worthless currency.

Rug pull is a new kind of scam that has been taking place more often where developers are observed to liquidity or sell the project.

According to data from Immunefi a bug bounty platform, the global cryptocurrency market is at a loss of $670 million only in the April-June quarter and 97% of that loss was due to excessive hacking and scams. They further said, “The majority of these funds were lost by four specific projects, Beanstalk known as a decentralized stablecoin protocol, the Harmony Horizon Bridge, Mirror Protocol, and Fei Protocol.”

According to a report by the Federal Trade Commission (FTC), cryptocurrency scams are on the rise as almost 46,000 Americans allegedly lose over $1 billion only due to hacking and scams.

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