Crypto has a loss of $3.9 billion in 2022; Immunefi Reports

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Immunefi reported that the crypto industry suffered a loss of $3.9 billion in 2022. The main cause of the loss is hacking, which accounts for 95.6%. The report also suggests that the most targeted chains in 2022 are the BNB chain and Ethereum, accounting for more than half of the years of chain attacks.

Immunefi, Web3’s leading bug bounty platform, and software company reported on Jan. 6 that the crypto industry had a total loss of around $3,948,856,037 in 2022.

According to reports, the main cause of losses is piracy, which constitutes about 95.6% of the total. Meanwhile, only 4.4% could be attributed to the rest of the issues, including fraud, scams and draw.

To be precise, 2022 saw a loss of almost $3,773,906,837 in 134 particular incidents. Comparing losses in 2021 and 2022, this year has a substantial increase in loss of 56.2%.

Significantly, the report suggests that the most targeted sector was decentralized finance (DeFi), with a loss of almost 80.5% while centralized finance (CeFi) only suffered a loss of 19, 5%:

DeFi suffered $3,180,023,103 in total losses in 2022, through 155 incidents. This number represents a 56.2% increase from 2021, when DeFi lost $2,036,015,896, in 107 incidents.

Furthermore, the platform pointed out that the most targeted chains in 2022 were BNB Chain and Ethereum, accounting for more than half of the on-chain attacks in 2022, constituting 63.3%.

Interestingly, of the two chains, the BNB chain outperformed Ethereum:

BNB Chain overtook Ethereum and became the most targeted chain in 2022, with 65 incidents, or 36.1%, while Ethereum witnessed 49 incidents, or 27.2%.

Additionally, Immunefi has provided insight into loss recoveries, although this is not extensive. A total of $204,157,000 was recovered across 12 instances, representing just 5.2% of the total losses in 2022.

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