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

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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.