Crypto losses reach $428 million in Q3 globally; hacking cases top concern

The world saw crypto losses up to $428 million in the third quarter (Q3), down 36 per cent from Q2, from hacks and frauds, a new report has shown.

An analysis of the crypto losses by bug bounty platform Immunefi found that fraud accounts for only 7 per cent of the total losses in the Q3 2022, while hacks account for 93 per cent.

“The global Web3 space was valued at $3 trillion in 2021, and with billions locked across different smart contracts, this capital represents an unparalleled and attractive opportunity for blackhat hackers,” the report mentioned.

The researchers saw a loss of $399 millions to hacks across 30 specific incidents, and a loss of $29 million to fraud across nine specific incidents.