According to a forecast released on January 6 by Immunefi, a platform for bug bounties and security services for the Web3 ecosystem, the cryptocurrency market would lose a total of 3.9 billion dollars in 2022.
DeFi has experienced 155 events totaling $3,180,023,103 in losses in 2022. In comparison to 2021, when DeFi lost $2,036,015,896 in 107 occurrences, this figure indicates a 56.2% rise.
The research states that hacks, which accounted for 95.6% of the total losses, were the primary cause, with fraud, scams, and rug pulls accounting for the remaining 4.4%. Immunefi also discovered that the most targeted industry was decentralised finance (DeFi), which lost 80.5% of its value, as opposed to centralised finance (CeFi), which lost 19.5%. As stated in the report:
The most targeted chains were BNB and Ethereum, with BNB Chain overtaking Ethereum to take the title in 2022. The industry saw losses of about 1.6 billion dollars in Q4 2022, with DeFi and CeFi being the main targets at 57.6% and 42.4%, respectively.
“By proactively identifying and fixing weaknesses, we can safeguard the neighbourhood and increase confidence among professionals. All other aspects of the economy may thrive as we make the industry safer.
Immunefi CEO Mitchell Amador stated:
According to on-chain monitoring and bug bounty startup CertiK, December DeFi vulnerabilities were the lowest in 2022, Cointelegraph reported on January 5th in the Finance Redefined newsletter. For the 2022 holidays, it seems like bitcoin hackers and exploiters may have paused down.
$62 million worth of money was taken from decentralised finance (DeFi) protocols in December 2022. Security experts cautioned that even while this number was fewer than in recent months, the ecosystem will still experience an increase in exploits, flash loans, and exit scams in 2023.
- In 2022, crypto market will have lost $3.9 billion
- Check all news and articles from the latest Business news updates.