According to a recent report from bug bounty platform Immunefi, the cryptocurrency industry saw a staggering loss of over $3.9 billion in 2022. The report states that the five major breaches that occurred during the year alone totaled $2.361 billion, accounting for 59.8% of all losses in 2022.
Hacking was identified as the main cause of these losses, accounting for 95.6% of the total, while fraud, scams, and theft made up only 4.4% of the total. The report also highlighted that decentralized finance (DeFi) projects were the main targets of successful exploitation, accounting for 80.5% of total losses. In contrast, centralized finance (CeFi) projects accounted for 19.5% of the losses.
The report also revealed that the BNBChain and Ethereum blockchain networks were the two most attacked chains in 2022, accounting for more than half of all chain attacks in the year, reaching 63.3%. BNB Chain surpassed Ethereum as the most targeted chain in 2022, with 65 incidents, accounting for 36.1%, while Ethereum had 49 incidents, accounting for 27.2%.
This report serves as a stark reminder of the ongoing threats faced by the cryptocurrency industry and the importance of vigilant security measures to protect against potential losses. As the industry continues to grow and evolve, it will be crucial for companies and individuals to stay informed and take proactive steps to safeguard their assets.