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.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
