• According to a recent report, the crypto space lost a total of $3.9 billion in 2022 due to hacks, frauds, scams, and rug pulls.
• Five major exploits alone accounted for 59.8% of all losses in the year, with hacks representing 95% of all crypto lost.
• The most targeted blockchains were BNB Chain and Ethereum, representing 63.3% of all blockchain attacks.
The crypto industry has been hit hard with losses due to fraud, hacks, scams, and rug pulls in recent years, with the losses in 2022 reaching a staggering $3.9 billion. This figure is more than 50% lower than the losses reported in 2021, which totaled over $8 billion.
A recent report by Immunefi, a bug bounty and security services platform for the Web3 ecosystem, uncovered the staggering amount of crypto losses in 2022. The report revealed that five major exploits alone accounted for 59.8% of all losses in the year, with hacks representing 95% of all crypto lost.
DeFi platforms were the main target of successful exploits, accounting for 80.5% of the total losses in the year. In total, DeFi lost $3.18 billion in 2022, representing a 56.2% increase from 2021.
Meanwhile, BNB Chain and Ethereum were the two most targeted blockchains last year, with 65 and 49 incidents, respectively. Together, BNB Chain and Ethereum represented over half of the blockchain attacks at 63.3%. The FTX-backed Solana project was the third most targeted blockchain, with 13 incidents.
In addition to the major hacks, scams and rug pulls also contributed to the losses in the crypto space. Crypto scams alone accounted for $51 million in losses, while rug pulls resulted in $173 million in losses.
Overall, 2022 has been a difficult year for the crypto industry. Despite the losses, the industry has continued to demonstrate its resilience and the number of people investing in crypto is on the rise. In order to ensure the safety of digital assets in the future, it is important for the industry to continue to focus on security, with more bug bounty programs and security services being implemented. With the right precautions in place, the industry can look forward to a more secure and profitable future.