According to a Report by Immunefi, Total Crypto Losses in 2022 Will Amount to $3.9 Billion

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Last Updated on January 7, 2023 by Bitfinsider

According to a new report that was published by the bug bounty platform Immunefi, the cryptocurrency industry as a whole experienced a loss of $3.9 billion in 2022.

The company also stated that only 5.2% of those were recovered, for a total of approximately $204.2 million spread across 12 instances.

The majority of losses were the result of hacks, while only 4.4% could be attributed to fraudulent activities such as scams and rug pulls. According to Immunefi, DeFi was the primary target of those exploits, while CeFi was a distant second in terms of importance.

According to an additional report by Chainanalysys, total losses in 2022 due to cryptocurrency hacks are predicted to be a more conservative $3 billion.

The attack on Ronin Network, which resulted in the loss of $625 million, was one of the largest crypto hacks carried out in the previous year. FTX, which lost between $370 million and $400 million, was another one of the largest hacks.

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