Crypto Has a Loss of $3.9 Billion in 2022; Reports Immunefi

• Immunefi reported that the crypto industry has a loss of $3.9 billion in 2022.
• The major cause of the loss is the hacks, constituting 95.6%.
• The report also suggests that the most targeted chains in 2022 are the BNB Chain and Ethereum, representing more than half of the year’s chain attacks.

Immunefi, Web3’s leading bug bounty platform, and the software company reported on January 6 that the crypto industry has a total loss of about $3,948,856,037 in 2022.

As per the reports, the major cause of the losses is the hacks, which constitute around 95.6% of the total. Meanwhile, only 4.4% could be attributed to the rest of the issues including fraud, scams, and rug pull.

To be specific, 2022 has witnessed a loss of almost $3,773,906,837 in 134 particular incidents. While comparing the losses in 2021 and 2022, this year has a substantial increase in the loss by 56.2%.

Significantly, the report suggests that the most targeted sector was decentralized finance  (DeFi), with a loss of almost 80.5% while centralized finance (CeFi) suffered only a loss of 19.5%:

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

In addition, the platform pointed out that the most targeted chains in 2022 were BNB Chain and Ethereum, “representing more than half of the chain attacks in 2022”, constituting 63. 3%.

Interestingly, among the two chains, the BNB Chain has outdone Ethereum:

BNB Chain surpassed Ethereum and became the most targeted chain in 2022, with 65 incidents, representing 36.1%, while Ethereum witnessed 49 incidents, representing 27.2%.

Further, Immunefi provided insight into the recoveries of the losses, though it’s not abundant. A total of $204,157,000 has been recovered across 12 instances, representing just 5.2% of the total losses of 2022.