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Immunefi Reports $2.3B of Funds Lost in Crypto in 2022

#Immunefi #Reports #2.3B #Funds #Lost #Crypto

Singapore, Singapore, Oct. 11, 2022 (GLOBE NEWSWIRE) — Immunefi, the leading bug bounty and security services platform for web3, protecting over $60 billion in user funds, published its Crypto Losses Q3 2022 Report. The crypto industry lost $2,328,917,230 so far in 2022. 

  • In Q3 2022 alone, the industry lost $428,718,083. These numbers show a decrease compared to Q2 2022, when hackers and fraudsters stole $670,698,280. 
  • Most of last quarter’s amount was lost by two specific projects, Nomad Bridge and Wintermute, totaling $350,000,000; together, they represent 79.85% of Q3 losses alone.
  • In Q3 2022, hacks continue to be the predominant cause of losses as compared to fraud, scams, and rug pulls, accounting for 93% of the total amount. 
  • DeFi continues to be the key target for exploits as compared to CeFi, representing 98.8% of the total losses. 
  • The two most targeted chains in Q3 2022 were BNB Chain and Ethereum. BNB Chain suffered the most individual attacks with 16 incidents, representing 28.6% of the total losses across targeted chains, and Ethereum witnessed 13 incidents, representing 23.2% respectively.
  • In total, $93.8M of  stolen funds has been recovered in 2022, which represents just 4% of the total 2022 losses so far. For Nomad, $36.4M has been recovered out of $190M stolen, and in the case of Axie Infinity, $30M has been recovered out of $625M. 

“Web3 is a battlefield between blackhat hackers and whitehat hackers. With massive amounts of money at stake, everyone is watching this battle closely”, said Mitchell Amador, CEO of Immunefi. “Constantly learning about new security risks, improving security knowledge and practices, getting audited, and launching a bug bounty program are a must if projects want to survive and build trust with the community”.

Immunefi is the largest and most widely adopted bug bounty platform in web3. Immunefi boasts a massive community of whitehat hackers who review projects’ blockchain and smart contract…

Read on GNW: Immunefi Reports $2.3B of Funds Lost in Crypto in 2022

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