In 2022, $3.7 billion was lost due to cryptocurrency scams, hacks and exploits.
Losses of crypto-currency companies as a result of hacks last year grew up to $3.7 billion. This is 58% more than a year earlier, according to a report by Web3 security testing platform Immunefi.
According to these data, hacking accounts for more than 95% of all cryptocurrency thefts. The remaining losses are associated with fraud and scams. One of the biggest hacks was the theft of $625 million worth of cryptocurrency assets from Ronin Bridge, a tool that allows users to move currency between blockchains. The US government later blamed the attack on North Korean hackers.
The Immunefi report also showed that decentralized finance projects were the most common victims of hacks in 2022. The exploits are a wake-up call for cryptocurrency developers, especially bridge projects that move huge amounts of money, said Immunefi CTO Adrian Hetman.
“Two years ago, I would never have imagined that some hacker would make more than $100 million. But over the past two years, we have seen several such cases,” Hetman said.
However, there are signs that crypto companies are starting to take cybersecurity more seriously. Firms specializing in code auditing for crypto projects have reported rapid growth in their business in 2022. Immunefi also found that crypto reward payouts through its platform have grown from around $13M in 2021 to just over $52M in 2022.
Even though 2023 has just begun, the crypto industry has already been rocked by several major cryptocurrency thefts. So, one of the first Bitcoin developers, Luke Dash, reported that he had lost 216 BTC worth more than $3.6 million as a result of a hack.
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