Last year the cryptocurrency industry lost an estimated $4 billion in digital assets due to hacks, frauds, scams and carpet snatching. This represents a drop of more than 50% from 2021 in which $8 billion was stolen.
According to a recent report byImmunea bug bounty platform and security services for the Web3 ecosystem, the crypto space lost $3.9 billion in 2022: just five major exploits totaled $2,361,000,000, or 59.8% of all crypto losses ‘year.
Among various forms of illegal activity, hacks accounted for the majority of cryptocurrency losses for 2022: hack-related thefts totaled $3.7 billion, or more than 95% of the total amount of cryptocurrencies lost in the year. ‘year. Frauds, scams and shootings accounted for only 4.4% of total losses. The report adds:
In 2022, DeFi (decentralized finance) continued to be the top target for successful exploits, at 80.5%, compared to 19.5% for CeFi (centralized finance). the figure represents a 56.2% increase over 2021, during which the DeFi sector lost $2,036,015,896, in 107 incidents.”
Overall, 2022 can be considered one of the worst years for the crypto ecosystem, as many decentralized finance (DeFi) and centralized finance (CeFi) platforms suffered major disasters. Among the most notable examples, the Terra/LUNA ecosystem imploded in May while cryptocurrency exchange FTX collapsed in early November.
The native blockchain of Binanza, BNB Chain and Ethereum were the two most targeted blockchains last year, with 65 and 49 incidents, respectively. Together, BNB Chain and Ethereum accounted for more than half of blockchain attacks, or 63.3%. Solana, powered by FTX, was the third most popular channel for hackers with 12 incidents, accounting for 6.7% of total attacks in 2022.
It should be noted that over the past year it was possible to recover part of the stolen funds. “A total of $204,157,000 in stolen funds was recovered across 12 specific cases. This figure represents just 5.2% of total losses in 2022,” the report said.
The Axie Infinity Ronin Bridge hack, which resulted in the loss of approximately $625 million from Ethereum and USDC, was the largest crypto crash of 2022, followed by Wormhole ($326 million), Nomad ($190 million dollars), BNB Chain ($570 million). ) and FTX ($650 million), which cumulatively account for 60% of all losses in 2022.
Mitchell Amador, CEO of Immunefi, noted that these leaks serve as a reminder that the Web3 space needs better security practices. He stated:
“Reviewing community losses in 2022 reminds us of the importance of prioritizing security and implementing robust and consistent measures in preparation for 2023. By proactively identifying and addressing vulnerabilities, we can protect the community from harm and build trust on the field. “
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