Crypto Market Lost Almost $430M in Q3 Alone, Says Immunefi
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5 October

Although the number of cryptocurrency scams and hacker attacks in Q3 2022 was almost 63% lower compared to Q3 2021, it still amounted to $428.7 million, a bug bounty startup Immunefi wrote in a recent report.

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In total, the market has suffered $428,718,083 in losses out of which $398,912,483 to hacks across 30 incidents, and a loss of $29,805,600 to fraud across 9 incidents. Almost 80% of Q3 losses alone were due to hacks of Nomad Bridge, a cross-chain protocol and Wintermute, a DeFi market-maker.

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Immunefi pointed out that decentralized finance (DeFi) still remains the key target for exploits as compared to centralized finance (CeFi) losses due to its fully automized nature. In Q3, almost 99% of attacks were mainly focused on decentralized finance protocols. This can be due to the fact that stealing from a centralized service often requires hackers to "jump through far more hoops" than pulling money out of a DeFi protocol, Immunefi says.

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