Immunefi Report: $3.9 Billion Lost in 2022 Across Crypto

Immunefi Reports $3.9B Lost

The Crypto Losses in 2022 Report from Immunefi has reported a total of $3.9 billion USD of value lost in 2022, with more than half of the value lost in just five major exploits.

Hacks in Decentralized Finance (DeFi) were the hottest form of exploit in 2022, according to the January 6 report. Across the 134 specific incidents, DeFi took over 80% of the total losses, amounting to over $3.1B lost. BNB Chain was the chain with the most exploits, seeing 65 incidents amounting to over 36% of all exploits. Ethereum had 49 incidents, equaling 27% of the exploits.

“Looking at the losses suffered by the community in 2022 is a reminder of the importance of prioritizing security and implementing robust and consistent measures moving into 2023,” Mitchell Amador, CEO of Immunefi says in the Press Release. “By proactively identifying and addressing vulnerabilities, we can protect the community from harm and build trust in the field. As we make the industry safer, everything else can flourish.”

Sadly Immunefi reports that only $204 million of the lost funds--just 5%!-- were recovered to users. Just 12 of the 134 incidents--8%-- saw recovery.

2022 saw an overall increase in both incidents and total value lost as compared to 2021 as well. The value increased 58% from $2.3 billion, and the incidents increased 77% from 104.

2022 was an incredibly tough year for crypto users––from Luna to 3AC to FTX and more. Those who stuck it out and made it through 2022 are hardened survivors.

What is Immunefi:

Immunefi is the leading bug bounty and security services platform for web3, which features the world’s largest bounties. Immunefi guards over $60 billion in user funds across projects like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, Nexus Mutual, and others. The company has paid out the most significant bug bounties in the software industry, amounting to over $65 million, and has pioneered the scaling web3 bug bounties standard.

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