Web3, a decentralised take of the world wide web, is being called one of the next things in tech. In 2022, however, Web3 based projects have lost more than $2 billion (roughly Rs 15,881 crores) in the first six months up till June.
According to a research from blockchain auditing and security company named CertiK that covered the quarterly Web3 security report for Q2 2022. The report shows how the web3 and cryptocurrency space is still plagued by hacks and scams, along with newer threats like flash loan attacks.
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The CertiK report focuses on these “flash loan" attacks. This is a decentralised finance mechanism that lets borrowers access extremely large amounts of cryptocurrency for very short periods of time. However, attackers use these maliciously to manipulate the value of a certain token on exchanges. The report shows that a total of $308 million (roughly Rs 2,400 crores) was lost across 27 flash loan attacks in Q2 2022. This is huge in comparison with last quarter’s $14 million damage in flash loan attacks.
Further, the amount of phishing attacks has also increased in frequency as compared to Q1 2022. While there were about 106 phishing attacks in Q1 2022, there have been 290 in the second quarter of this year. Discord was the vector for the vast majority of phishing attempts, the report said.
The report also says that “Rug Pulls" are also slowing down. A “rug pull" is when the founders of a project halt the development and flee with the money. The CertiK report says that a total of $37.46 million was lost to rug pulls in Q2 2022, down 16.5 percent from last year.
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ALSO READ: Web 3.0: What the Next Generation of the Internet Will Mean for India.
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