In response to a current report from bug bounty platform Immunefi, the cryptocurrency trade noticed a staggering lack of over $3.9 billion in 2022. The report states that the 5 main breaches that occurred throughout the yr alone totaled $2.361 billion, accounting for 59.8% of all losses in 2022.

Hacking was recognized as the principle trigger of those losses, accounting for 95.6% of the full, whereas fraud, scams, and theft made up solely 4.4% of the full. The report additionally highlighted that decentralized finance (DeFi) initiatives have been the principle targets of profitable exploitation, accounting for 80.5% of complete losses. In distinction, centralized finance (CeFi) initiatives accounted for 19.5% of the losses.

The report additionally revealed that the BNBChain and Ethereum blockchain networks have been the 2 most attacked chains in 2022, accounting for greater than half of all chain assaults within the yr, reaching 63.3%. BNB Chain surpassed Ethereum as essentially the most focused chain in 2022, with 65 incidents, accounting for 36.1%, whereas Ethereum had 49 incidents, accounting for 27.2%.

This report serves as a stark reminder of the continued threats confronted by the cryptocurrency trade and the significance of vigilant safety measures to guard towards potential losses. Because the trade continues to develop and evolve, will probably be essential for firms and people to remain knowledgeable and take proactive steps to safeguard their property.