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Crypto Markets See Losses Of $428 Million In Q3, Hacks Remain The Top Concern

Crypto losses $428 million

This new report shows that crypto has been decreasing by 36 percent since Q2 2022. The crypto losses are up to $428 million worldwide, most of which resulted from hacks and frauds.

Crypto exchanges are more susceptible to hacking than fraud. The report said that fraud accounts for only 7 percent of the total losses in Q3 2022, while hacks account for 93 percent.

The report mentioned that there is a huge opportunity for attack with billions of dollars locked in digital contracts.

In total, roughly $428 million are losses in crypto due to fraud or cyberattacks in 30 cases. Where cyberattacks account for a $399 million loss and $29 million were in fraud cases.

The report mentioned that 2 specific projects had a lot of lost funds, Nomad Bridge and Wintermute.

In the third quarter of 2022, hacking activity continues to be a major issue for decentralized finance as opposed to centralized finance.

98.8% of the losses were in DeFi, while 1.2% were in CeFi

The two most targeted chains in Q3 2022 were BNB Chain and Ethereum.

What frustrated hackers the most was BNB Chain and Ethereum. Both of these coins had 16 total security incidents and represented 28.6% of the total losses across targeted chains. Ethereum suffered 13 attacks and represented 23.2%.

See Also: Biggest Cryptocurrency Failure Ever: Firm mistakenly sent $10.5 million to Australian woman instead of $100 and took 7 months to realize

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