Singapore, Singapore, Oct. 11, 2022 (GLOBE NEWSWIRE) — Immunefi, the leading web3 bug bounty and security service platform protecting over $60 billion in user funds, published its Q3 2022 crypto loss report. The crypto industry lost $2,328 917,230 so far in 2022.
- In the third quarter of 2022 alone, the industry lost $428,718,083. These numbers show a decrease compared to Q2 2022, when hackers and fraudsters stole $670,698,280.
- Most of last quarter’s amount was lost by two specific projects, Nomad Bridge and Wintermute, totaling $350,000,000; together they represent 79.85% of losses in the third quarter alone.
- In Q3 2022, hacks continue to be the dominant cause of loss compared to fraud, scams and fraud, accounting for 93% of the total.
- DeFi continues to be the main target of exploits compared to CeFi, representing 98.8% of the total losses.
- The two most targeted chains in Q3 2022 were BNB Chain and Ethereum. The BNB Chain suffered the most individual attacks with 16 incidents, representing 28.6% of the total losses across targeted chains, and Ethereum witnessed 13 incidents, representing 23.2%.
- In total, $93.8 million of stolen funds have been recovered in 2022, representing just 4% of total losses in 2022 so far. For Nomad, $36.4 million has been recovered out of $190 million stolen, and in the case of Axie Infinity, $30 million has been recovered out of $625 million.
“Web3 is a battleground between blackhat hackers and whitehat hackers. With huge amounts of money at stake, everyone is watching this fight closely”, said Mitchell Amador, CEO of Immunefi. “Constantly learning about new security risks, improving security knowledge and practices, getting audited and launching a bug bounty program is a must if projects want to survive and build community trust.”
Immunefi is the largest and most used bug bounty platform in web3. Immunefi boasts a massive community of whitehat hackers who review projects’ blockchain and smart contract code, find and responsibly disclose vulnerabilities, and get paid to make crypto safer. The platform now supports 300 projects across multiple crypto sectors, offering a total of $135 million in bounties to whitehat hackers. Immunefi has also facilitated the largest bug bounty payouts in software history, including $10 million for a vulnerability discovered in Wormhole, a generic cross-chain messaging protocol, and $6 million for a vulnerability discovered in Aurora, a bridge and scaling solution for Ethereum.
The entire report is available on Immunefi’s website. The company has been tracking crypto losses since the beginning of 2022. Previous reports can be found here. Additionally, Immunefi published the Bored Ape Yacht Club Report highlighting stolen Bored Ape NFTs.
About Immunefi
Immunefi is the leading bug bounty and security service platform for web3, which has the world’s largest bounties. Immunefi protects over $60 billion in user funds across projects such as Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, Nexus Mutual and others. The company has paid out the most significant bug bounties in the software industry, amounting to over $60 million, and has pioneered the standard for scaling web3 bug bounties. For more information, please visit
