Cryptocurrency Market Loses $3.9 Billion In 2022


The cryptocurrency market lost $3.9 billion in 2022.

According to Immunefi’s report, most of these losses were due to hacking attempts.

Cryptocurrency Market is Targeted by Hackers

Immunefi, a security service platform in the Web3 ecosystem, announced that the cryptocurrency industry lost a total of $3.9 billion in 2022.

According to the report, 95.6% of the losses were due to hacking attacks, while the remaining 4.4% was due to fraud and rug pull.

While 80.5% of the losses were on DeFi, the remaining 19.5% was on CeFi. It is clear that hackers are targeting decentralized finance.

“DeFi suffered a total loss of $3,180,023,103 in 155 incidents in 2022. This number represents a 56.2% increase compared to 2021 when DeFi lost $2,036,015,896 in 107 incidents.”

BNB and Ethereum were the most targeted blockchains. BNB Chain has become the most targeted blockchain, surpassing Ethereum. In the 4th quarter of 2022, the sector lost approximately 1.6 billion dollars.

Mitchell Amador, CEO of Immunefi, said:

“By proactively identifying and addressing vulnerabilities, we can protect the community from harm and build trust”

In December alone, $62 million worth of assets were stolen from DeFi protocols. Although this number shows a decrease compared to previous months, security experts predict that such attacks will continue in 2023.


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