The crypto industry as a whole lost $3.9 billion in 2022, according to a new report from bug bounty platform Immunefi.
Of those, only 5.2% were recovered, totaling around $204.2 million across 12 instances, the firm also said.
Most losses were due to hacks, while only 4.4% could be attributed to frauds, scams, and rug pulls. DeFi was the main target of those exploits while CeFi was a distant second, according to Immunefi.
Another Chainanalisys report had estimated total losses due to crypto hacks in 2022 at a more conservative $3 billion.
Among the largest crypto hacks carried out last year were the attack on Ronin Network, resulting in the loss of $625 million, and FTX, which lost between $370 million and $400 million.
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