Source:https:\/\/techcrunch.com\/2023\/01\/05\/crypto-losses-in-2022-dropped-51-year-on-year-to-4b\/<\/a><\/br>
\nCrypto losses in 2022 dropped 51% year on year to $4B<\/br>
\n2023-01-20 21:49:26<\/br><\/p>\n

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Immunefi\u2019s Crypto Losses 2022 report<\/a> found over $3.9 billion was \u201clost\u201d last year. While that might seem like a whopping amount of capital to lose track of, it\u2019s down 51.2% compared to 2021, when over $8 billion was stolen, the report found.<\/p>\n

Crypto losses are defined as a combination of hacks and alleged fraud incidents, Adrian Hetman, tech lead of the triaging team at Immunefi, previously told TechCrunch<\/a>. In 2022, the majority of losses, or $3.77 billion, were from hacks across 134 specific incidents. About $175 million was lost to fraud across 34 incidents in the same time frame.<\/p>\n

Both decentralized finance (DeFi) and centralized finance (CeFi) experienced major catastrophic events, including the implosion of the Terra\/LUNA ecosystem and the downfall of centralized crypto exchange FTX. But overall, DeFi was the main target for (successful) exploits at over 80%, Immunefi stated.<\/p>\n

DeFi losses increased 56.2% from over $2 billion across 107 incidents in 2021 to $3.18 billion across 155 incidents in 2022. CeFi losses, meantime, fell 87.3% from $6 billion across nine incidents in 2021 to $768.8 million across 13 incidents in 2022.<\/p>\n

The two most targeted blockchains last year were BNB Chain \u2014 crypto exchange Binance\u2019s blockchain ecosystem \u2014 and the layer-1 blockchain Ethereum, with 65 and 49 incidents, respectively. Together, BNB Chain and Ethereum represented over half of the blockchain attacks at 63.3%. Trailing behind the two was Solana, with 12 incidents, or 6.7% of total attacks in 2022.<\/p>\n

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Image Credits:<\/strong> Immunefi <\/a><\/p>\n<\/div>\n

Looking back, every quarter had a handful of multimillion-dollar losses, some bigger than others. While each quarter had its losses, the fourth quarter saw the most, with $1.62 billion in total losses across 55 incidents, accounting for almost half of the total losses in the year.<\/p>\n

But five major exploits \u2014 Ronin Bridge\u2019s $625 million, Wormhole\u2019s $326 million, Nomad\u2019s $190 million, BNB Chain\u2019s $570 million and FTX\u2019s $650 million \u2014 accounted for about 60% of all losses in 2022.<\/p>\n

Roughly 5%, or $204 million, of total losses were recovered in 2022.<\/p>\n

Looking forward to 2023, it\u2019s expected that crypto \u201closses\u201d will be in the billions again as more players enter the space and capital continues to pour in. Fixing this long-term will be a product of enhanced security measures, something not all projects, blockchains, protocols and other digital asset entities have prioritized.<\/p>\n

There are also bug bounty and security services platforms that aim to protect web3 businesses and their users \u2014 but until these are implemented across the industry as a standard, more will fall to these hacks and fraudulent activities.<\/p>\n<\/p><\/div>\n

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Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/01\/05\/crypto-losses-in-2022-dropped-51-year-on-year-to-4b\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/01\/05\/crypto-losses-in-2022-dropped-51-year-on-year-to-4b\/ Crypto losses in 2022 dropped 51% year on year to $4B 2023-01-20 21:49:26 Immunefi\u2019s Crypto Losses 2022 report found over $3.9 billion was \u201clost\u201d last year. While that might seem like a whopping amount of capital to lose track of, it\u2019s down 51.2% compared to 2021, when over $8 billion was stolen, the report […]<\/p>\n","protected":false},"author":1,"featured_media":14639,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-14638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\n