Immunefi Crypto Losses Report Q1 2022
The team at Immunefi, the leading bug bounty and security services platform for crypto, has assessed the volume of crypto funds lost by the community due to hacks and scams in Q1 2022.
Overview
The global web3 space was valued at $3 trillion in 2021, and there is more than $214 billion locked across different smart contracts according to DeFi Pulse. That capital represents an unparalleled and attractive opportunity for blackhat hackers.
We have reviewed all instances where blackhat hackers have exploited various crypto protocols, as well as cases of alleged fraudulent protocols and founders who have performed a rug pull in Q1 2022. We have located 25 such instances, including both successful and semi-successful hacking attempts, as well as fraud.
In total, we have seen a loss of $1,229,500,867 across the web3 ecosystem in Q1 2022. Most of that sum was lost by 2 specific projects, Ronin Network, known for the Axie Infinity game, and the Wormhole bridge. Unlike in previous quarters, fraud was the cause of loss only for two projects: Arbix Finance and Frosties, with the total figure amounting to $11,000,000.
These numbers represent almost a 7.9x growth compared to Q1 2021, when hackers and fraudsters stole $154,609,199, and 1.6x growth compared to Q4 2021, when $753,386,793 was lost.
TOP 10 LOSSES IN Q1 2022
| Project | Loss |
|---|---|
| Ronin Network | $625,000,000 |
| Wormhole | $326,000,000 |
| Qubit | $80,000,000 |
| Cashio | $50,000,000 |
| IRA Financial | $36,000,000 |
| Crypto.com | $30,000,000 |
| Lympo | $18,700,000 |
| Superfluid | $13,000,000 |
| Arbix Finance * | $10,000,000 |
* the team behind Arbix Finance performed a rug pull
Download the full report here.
Get the full dataset here.
For questions about this study or Immunefi itself, reach out at press@immunefi.com
About Immunefi
Immunefi is the leading security platform for crypto, protecting more than $180 billion in user funds, and securing protocols across the full development lifecycle, from pre-deployment through production.
