if more people Entering the web3 ecosystem, there are more and more opportunities for hackers to attack. And during the second quarter, there was a significant increase in crypto-targeted phishing attacks on social media sites, according to a new report.

There were 290 recorded attacks in the second quarter, up 170% from 106 in the first quarter, according to a Web3 Security Q2 2022 report by CertiK, a blockchain and DeFi security-focused platform backed by Goldman Sachs and others. While there are many small phishing attacks (or attempts) on individuals in the space every day, the major attacks are classified as events that resulted in crypto losses of $100,000 or more, the company told businesstraverse.com.

“Social media influences phishing attacks by providing a centralized, single point of failure that allows hackers to trick users into following malicious links,” Ronghui Gu, CEO and co-founder of CertiK, told businesstraverse.com. “This, in turn, leads to users being robbed of their assets.”

The second quarter was filled with “losses” and hacks in the web3 ecosystem – and many don’t expect it to slow down. More than $2 billion has been lost to hacks and exploits since the start of the year — a figure that is greater than all of 2021 in half the time, the report said.

Source: techcrunch