Experts from Beosin believe that hackers are increasingly inclined to attack projects in the field of decentralized finance (DeFi), as security in this sector leaves much to be desired.
Smart contract security company Beosin has published its 2022 Web3 Security Report. In it, analysts emphasized that 113 out of 167 major hacks are in DeFi projects. This is 68% of all attacks over the past year. Following are the hacks of cryptocurrency exchanges, NFT projects, inter-network bridges and wallets.
The report says that the total loss of DeFi projects in 2022 amounted to $950 million. Added to this is another $1.89 billion that the industry lost due to bridge hacks. In total, about $3.6 billion was lost from attacks on all types of cryptocurrency projects last year, which is 47% more than in 2021, when this amount did not exceed $2.4 billion.
According to experts, the situation has developed this way due to several factors, including the emergence of a large number of new DeFi projects and the lack of normal security testing before their launch.
“Despite a significant decline in the global capitalization of the crypto market, the total crime rate in the industry in 2022 reached $13.7 billion, while the number of attacks also increased. In 2023, security and regulatory issues will become more relevant than ever, the solution of which will have to take the industry to a new level,” the report says.
According to Immunefi, a cryptocurrency security company, 2022 was the largest year in terms of total hacks and frauds in the field of digital assets.
Source: Bits
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