In the second quarter of 2022, as much as $670 million worth of cryptocurrency was stolen.
Bug bounty and security services platform Immunefi disclosed the figure in its Crypto Losses report, which said the figure was 52% higher than the same period in 2021.
Four massive hacks contributed the most to the 2022 figure: decentralized stablecoin protocol Beanstalk, which lost $182 million; blockchain layer-1 bridging protocol Harmony Horizon, which lost $100 million; and decentralized financial protocols Mirror and TribeDAO, which lost $90 million and $80 million respectively.
The vast majority of the losses – nearly 97% – were the result of hacks. There were 50 successful hacking attempts during the period, 49 of which targeted DeFi projects.
However, the losses in the second quarter were 45.5% lower than the $1.23 billion figure in the first quarter of 2022.
The Next Big Cyber Threat Is Russia – And Blockchain
Sam Bankman-Fried, boss of cryptocurrency exchange FTX – which rescued several crypto companies during the stock market crash – says he still has “a few billion” on hand to support struggling companies.
Web3 game network Planetarium Labs has raised $32 million in Series A funding from Animoca Brands, Samsung Next, WeMade (the publisher of the play-to-earn game Mir4) and its partner Krust Universe, the South Korean investment fund. tech giant Kakao. The Libplanet software development kit allows developers to build blockchain applications on the Unity game development platform.
Oasys, a Singapore-based startup building blockchain for game developers, has raised $20 million from Republic Capital, Jump Crypto, Crypto.com, Huobi, Kucoin, Gate.io, Bitbank and Mirana Ventures.
Konvoy Ventures, a gaming-focused venture capital firm, has raised $150 million for a new fund, 20-30% of which is expected to be spent on blockchain and crypto-related games.
Instagram is responsible for 32% of all social media crypto fraud cases, according to TradingPlatforms.com. Facebook and Whatsapp came in second and third with 26% and 9% respectively.
The five celebrities who tweet the most about crypto? Mark Cuban, Paris Hilton, Nayib Bukele, Snoop Dogg and Soulja Boy, according to Traders of Crypto.
British artist MAXIM, aka MM – who was part of the legendary British rave and dance group The Prodigy – is launching an NFT collection of 888 butterflies with skulls and deadly weapons. The “Lepidopterror Collection” will be released with Snowcrash on Wednesday, July 27.
Blockchain startup Bitmark has raised $5.6 million after launching its Autonomy NFT wallet, which aims to enable owners to list their collections.
Rubix Blockchain has secured a $100 million investment from LDA Capital Ltd to develop its eco-friendly platform for international transactions worldwide.
Italy has set aside more than $46 million for companies looking to launch affiliates for blockchain research.
Crypto must decentralize to survive
The total market cap of more than 20,100 coins is $914.84 billion at the time of writing (7am UK), up 1.4% in the last 24 hours.
Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – gained 1% to $20,300. BTC is up 1.5% in a week.
Ethereum, the second most valuable cryptocurrency – created as a decentralized smart contract network on the blockchain – rose 3% to $1,165. ETH is up 7% in a week.
Binance Coin is a cryptocurrency created by the popular crypto exchange Binance to help it become the infrastructure service provider for the entire blockchain ecosystem. The BNB token gained 2% to $237, pushing it up 9% in seven days.
Cardano is an open-source network that facilitates dApps and sees itself as an updated version of Ethereum. The ADA token, designed to enable owners to participate in the operation of the network, rose 2% to over 46 cents and rose 1% in one week.
Ripple’s XRP token, a payment settlement exchange and transfer system, acts as a bridge for transfers between other currencies. XRP gained 2% to 33c, with price up 1% from seven days ago.
Solana is a blockchain designed to make decentralized finance widely accessible – and capable of processing 50,000 transactions per second. The SOL token added 2% to $36.60 and is up 13% from its price a week ago.
The Meme DOGE coin was created as a satire on the hype surrounding cryptocurrencies but is now a major player in the space. DOGE gained 1% to 6.8c, pushing it up 2% in a week.
Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralized web. The DOT token, which aims to securely connect blockchains, added 1% to $6.90, but is slightly lower than its price a week ago.
Avalanche is an extremely verifiable platform for institutions, companies and governments. The AVAX token gained 4% to $18.97 and is up 12% in a week.
To see how the valuations of major coins have changed lately – and for an overview of recent developments in cryptocurrency news – click here.
For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price changes, see below.