2022 was indeed a challenging year for the crypto industry, marked by significant declines in the value of major assets, liquidity issues for many firms, and an unfortunate number of bankruptcy filings. The industry also faced substantial security threats as hackers stole billions of dollars from users and DeFi protocols.
A report by blockchain security firm SlowMist, titled “Blockchain Security and AML Analysis,” provided an overview of the security status of various sectors within the crypto industry, analyzing the flow of stolen funds in more than 300 hacks that occurred in 2022.
Hackers Stole Over $3.7B in 2022
According to the document, 303 blockchain-related security incidents happened last year, resulting in losses of an estimated $3.7 billion (calculated at the market price at the time of the exploit).
The amount lost represents a 61% drop from the $9.795 billion lost in 2021, although SlowMist did not consider the value lost due to market volatility.