The past year presented many challenges for the crypto industry, without a doubt. In addition to the collapse of significant market players, such as FTX and Terra/Luna, or the rise of scam tokens, losses in crypto and DeFi in 2022 also represented significant numbers.
Losses for 2022 in numbers
According to a report by the Crypto bug bounty platform Inmunefi, the losses in DeFi and Crypto amounted to $3,948,856,037 in 2022. This group of white hat hackers identified a total of 168 cases. Thus, 134 hacks took $3.7B, while 34 scams or rug pulls took $174M.
Likewise, Immunefi determined that DeFi remained the preferred target for hackers, with 80.5% of attacks compared to 19.5% for CeFi. Also, BNB surpassed Ethereum (ETH) as the most attacked blockchainBlockchain is a type of database storing an immutable set of data, verifiable to anyone with access to it —through..., with 65 important incidents. Ethereum has a total of 49 incidents.
Similarly, the researchers determined that 96% of the losses were protocol exploits. For their part, only 4% consisted of rug pulls and scams. Additionally, in Q4 2022 alone, there were close to 55 incidents, which represented a loss of $1.6B.
Sadly, only 5% of the losses for DeFi and Crypto could be recovered in 2022. White hat hackers and law enforcement recovered barely $2M of stolen funds.
The top 10 DeFi and Crypto hacks in the past year accounted for 58.8% of the losses. The hardest hit were FTX, with $650M hacked; Ronin Network, which lost $625M; BNB Chain lost $570M; Wormhole lost $326M; Nomad Bridge lost $190M; Beanstalk lost $182M; Wintermute lost $160M; Harmony lost $100M; Mango Markets lost $100M, and Mirror Protocol lost $90M.
But it’s not all awful security news in the crypto industry. Although $3.9B in losses for DeFi and Crypto in 2022 is quite significant, it’s a 51% decrease from the $8B hackers stole in 2021.
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