Over $428 Million Was Lost By The Web3

Over $428 million was lost by the Web3 ecosystem to scams and attacks in Q3 - Immunefi Cryptoslate 17 hours ago

Of all damages reported, the Nomad Bridge and Wintermute hacks are responsible for 79.85%, or $350 million.

39 exploits cost the web3 ecosystem approximately $428.7 million in the third quarter, a decrease of 62.9% from the over $1 billion lost in the same period of 2021. Of all damages reported, the Nomad Bridge and Wintermute hacks are responsible for 79.85%, or $350 million.

Leading bug bounty company Immunefi explained in its Crypto Losses report that 30 hacking events cost roughly $398.9 million. Comparatively, $29.8 million was claimed by nine fraud claims, including $24.5 million for project rug pull losses.

Over 98% of the losses, or $423.4 million across 36 events, happened on DeFi platforms. CeFi exchanges lost $5.2 million throughout the course of 3 cases.

DeFi systems that were attacked predominately (51.8%) resided on the BNB and Ethereum chains. 6.8% of all losses were caused by assaults on the chains of Solana and Avalanche.

Wintermute & Nomad hacks

Cross-chain protocol Nomad Bridge experienced an exploit on August 2 that completely depleted its liquidity, totaling over $190 million. About 100 WBTC were stolen from the bridge by a hacker, who also made the exploit code available to hundreds of attackers, allowing them to drain the protocol by "copy-pasting" their addresses.

On September 20, market manufacturer Wintermute suffered a $160 million loss due to a hot wallet vulnerability. A profane vanity address weakness was connected to the vulnerability, which the attacker used to steal 90 crypto assets.

2022 numerical losses

The crypto industry has suffered losses of about $2.3 billion due to hackers and scammers since the year 2022 began.

At the end of the first quarter, there had been $1.2 billion in overall crypto losses, with over 70% of those losses coming from Ronin Network and Wormhole Bridge. More than $670 million was lost in the second quarter, with Beanstalk and Harmony Horizon losing a combined $282 million.

Numerous impacted projects collaborated with blockchain security companies to recover up to $93.8 million, or 4% of the overall losses, from their losses. Axie Infinity and Nomad Bridge, two of the most severely impacted projects, respectively recovered $30 million and $36.4 million.