$3.9 billion lost in the cryptocurrency market in 2022: Report

1 year ago 84

The study from Immunefi revealed hacks to person been the main origin of related losses.

270 Total views

4 Total shares


Ho-ho-ho! Get Limited Holiday Trait!

Collect this nonfiction arsenic an NFT

Immunefi, a bug bounty and information services level for the Web3 ecosystem, published a study connected Jan. 6 revealing that the crypto manufacture mislaid a full of 3.9 cardinal dollars successful 2022. 

According to the report, hacks were recovered to beryllium the main origin of the losses, accounting for 95.6% of the total, with fraud, scams, and rug pulls comprising the remaining 4.4%. Immunefi besides recovered that decentralized concern (DeFi) was the astir targeted sector, suffering 80.5% successful losses, compared to centralized concern (CeFi) which suffered a nonaccomplishment of 19.5%. According to the report:

“DeFi has suffered $3,180,023,103 successful full losses successful 2022, crossed 155 incidents. This fig represents a 56.2% summation compared to 2021, erstwhile DeFi mislaid $2,036,015,896, successful 107 incidents.”

BNB and Ethereum were the astir targeted chains, with BNB Chain surpassing Ethereum to go the astir targeted successful 2022. In Q4 of 2022, the manufacture suffered losses of astir 1.6 cardinal dollars, with DeFi being the main people astatine 57.6% and CeFi astatine 42.4%.

Mitchell Amador, CEO of Immunefi shared:

“By proactively identifying and addressing vulnerabilities, we tin support the assemblage from harm and physique spot successful the field. As we marque the manufacture safer, everything other tin flourish.”

Related: Macroeconomic information points toward intensifying symptom for crypto investors successful 2023

On Jan 5th, Cointelegraph reported successful the Finance Redefined newsletter that December DeFi exploits were the lowest successful 2022, according to on-chain monitoring and bug bounty company, CertiK. It appears cryptocurrency hackers and exploiters whitethorn person slowed down for the 2022 holidays.

In December 2022, $62 cardinal worthy of funds were stolen from decentralized concern (DeFi) protocols. Although this fig was little than successful erstwhile months, cybersecurity experts warned that the ecosystem volition not spot a alteration successful exploits, flash loans, oregon exit scams successful 2023. 

Read Entire Article