Immunefi announces the loss of $2.3 billion of funds in crypto in 2022

Immunefi announces the loss of $2.3 billion of funds in crypto in 2022

SINGAPORE, SINGAPORE, Oct 11, 2022 (GLOBE NEWSWIRE) – Immunefi, the leading security and security reward services platform for web3, which protects more than $60 billion in user funds, has published a Crypto loss report for the third quarter of 2022. It lost Cryptocurrency Industry $2,328,917,230 to date in 2022.

  • In the third quarter of 2022 alone, the industry lost $428,718,083. These numbers show a decrease compared to the second quarter of 2022, when hackers and scammers stole $670,698,280.
  • Most of the fourth-quarter amount was lost through two specific projects, Nomad Bridge and Wintermute, with a total value of $350,000,000; Together, they account for only 79.85% of third-quarter losses.
  • In Q3 2022, hacks are still the main cause of losses compared to scams, scams and rug pulling, accounting for 93% of the total.
  • DeFi is still the main target for exploitation compared to CeFi, accounting for 98.8% of the total losses.
  • The chains most targeted in Q3 2022 were BNB Chain and Ethereum. The BNB chain experienced the highest number of single attacks with 16 incidents representing 28.6% of the total losses across the targeted chains, and Ethereum witnessed 13 incidents representing 23.2% respectively.
  • In total, $93.8 million of stolen funds were recovered in 2022, which is only 4% of the total 2022 losses to date. For Nomad, $36.4 million of the $190 million stolen was recovered, and in the case of Axie Infinity, $30 million of the $625 million was recovered.

“Web3 is a battleground between black hat hackers and white hat hackers. With huge amounts of money at stake, everyone is watching this fight closely,” said Mitchell Amador, CEO of Immunefi. “Continuous learning about new security risks, improving knowledge Security practices, getting audited, and launching a bug bounty program are a must if projects are to survive and build trust with the community.”

Immunefi is the largest and most adopted bug bounty platform in the web 3. Immunefi boasts a massive community of white hat hackers who review project blockchain and smart contract code, find and expose vulnerabilities responsibly, and get paid to make crypto more secure. The platform now supports 300 projects across multiple crypto sectors, and collectively offers $135 million in rewards to white-hat hackers. Immunefi has also facilitated the largest bug bounty payments in the program’s history, including $10 million for a vulnerability discovered in Wormhole, a public cross-chain messaging protocol, and $6 million for a vulnerability discovered in Aurora, and a bridge and expansion solution for Ethereum.

The full report is available on the immunefi website. The company has been tracking cryptocurrency losses since the beginning of 2022. Previous reports can be found here. In addition, Immunefi published a Bored Ape Yacht Club report highlighting the theft of the bored monkey NFT.

About Immunefi

Immunefi is the leading protection and bug services platform for Web 3, featuring the world’s largest awards. Immunefi protects more than $60 billion in user funds via projects such as Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, Nexus Mutual, and others. The company paid the software industry’s most significant bug bounty, totaling more than $60 million, and pioneered the expansion of Web 3 bug bounty. For more information, please visit https://immunefi.com/.

        

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