The total value of cryptocurrencies that disappeared in the second quarter amounts to 670 million dollars, of which 97% is due to hacking operations.
The famous American site TechCrunch and Immunefi, a platform specialized in hunting cryptocurrency hackers have compiled interesting data on cryptocurrencies that disappear in the wild.
Globally, the total value of cryptocurrencies that disappeared in the second quarter amounted to $670 million, 97% of which was due to hacking operations.
“Most of these losses are due to just four hacks: decentralized stablecoin protocol Beanstalk lost $182 million, Harmony Horizon protocol lost $100 million, and decentralized finance (DeFi) protocols Mirror and TribeDAO lost $90 million and $80.34 million, respectively,” TechCrunch said.
This may seem high, but as a reminder, the total market capitalization of all cryptocurrencies is around 900 billion dollars, so these “losses” remain lower, representing 0.7% of the overall capitalization.
Loss levels up 52% over one year
Despite everything, we can also say to ourselves, on a value chain that is supposed to be extremely secure by the blockchain itself and extremely transparent, it’s still a big jackpot. In fact, this level of loss is up 52% compared to the same period last year, due of course to the sharp drop in the value of cryptocurrencies in the first part of this year which caused a real frenzy and insane volatility.
Still, these $670 million in cryptocurrency losses represent a decline of 45.5% compared to the first quarter of the year ($1.23 billion), showing that despite this somewhat crazy market climate, security will still be much improved.
“It should be noted that the Q1 spike is a bit lopsided due to the largest DeFi hack to date – a massive $625 million hack on the Ronin Network in March. quarter would have been more in line with those of the second quarter,” said TechCrunch.
The study concludes that this trend is likely to continue in the third quarter of the year “regardless of current market conditions”.