Crypto Industry Lost $428M from Hacks and Scams in Q3

Reading Time: < 1 minute

According to the experts of bounty platform Immunefi, the cumulative losses of the Web3 ecosystem from hacks and fraud amounted to $428.7 million for the third quarter of the year.

During the period, 39 incidents occurred, of which 30 were actual hacker attacks with a total damage of $399 million. The remaining loss of $29.8 million occurred in nine scam cases, including rug pull schemes.

Most of the total came from the two largest hacks: the Nomad cross-chain protocol ($190M) and the market maker Wintermute ($160M).

DeFi projects remain the key targets of hackers and scammers, as they accounted for 98.8% of total losses compared to 1.2% for CeFi.

According to the company experts, this is due to the better level of protection of centralized platforms like Binance and Coinbase, which also devote more resources to security.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!