News and Analytics

Cryptosphere has lost $428 million from hacks
0

Cryptosphere has lost $428 million from hacks

Oct 6, 2022

In the third quarter, the cryptosphere lost 428 million dollars from hacks and scams

For the Q3 of 2022, the total loss of Web3 from fraudulent activities - $428.7 million, according to Immunefi specialistsi.

During this time period, 39 incidents were identified, 30 of them hacker attacks, which resulted in $399 million in damages. The remaining 9 incidents resulted in losses of $29.8 million.

Most of the funds were lost after 2 major hacks: Nomad ($190M) and Wintermute ($160M).

DeFi projects are a prime target for hackers. Projects account for 98.8% of total losses versus 1.2% for CeFi.

Experts argue that this depends on the fact that centralized platforms like Binance invest more in protection. Immunefi believes that another factor is the large number of different DeFi projects, which creates more opportunities for attacks.

Compared to blockchains, affected by the theft, many are based on BNB Chain (16 attacks and 28.6% of losses) and Ethereum (13 and 23.2% of losses). According to the organization, losses in the cryptosphere since this year amount to approximately $2.33 billion. The numbers have decreased quarterly. Of the total amount, only a small part of 93.8 million, or 4%, was returned. Of the largest hacks, Axie Infinity ($30M out of $325M) and Nomad ($36.4M out of $190M) received notable recoveries.

Experts say that it is difficult to hope for a positive trend of progress in this situation. Plus, hackers have become more advanced and leave no traces behind.

It is important to note that 50 acts of hacking were carried out in the second quarter, crypto projects suffered a loss of $670.7 million.

Comments

Latest analytics

Top best centralized...

Top best centralized crypto exchanges

Phantom Wallet:...

Phantom Wallet: A Complete Guide to Setting Up and Securely...

Show more

Latest Dapp Articles

Show more

You may also like