Yahoo Finance has reported citing an Immunefi report that crypto-focused projects lost more than $1.22 billion as a result of the actions of hackers and scammers in Q1 2022, which is 695% more than in the same period a year earlier.
The Decentralized finance (DeFi) ecosystem has turned out to be the focus of the attackers’ activity.
Up to 99% of losses are associated with software exploits. Experts say this is not an anomaly. This type of attack will continue to spread, while fraud against investors will fall.
Immunefi founder and CEO Mitchell Amador has explained:
“It is to be expected that such incidents will become more frequent as more criminal groups acquire their own DeFi hacking skills. In addition, as the sector grows, these hacks become more profitable.”
According to Amador, after the peak of the market in November 2021, the number of newcomers entering it has decreased. This generally made investors less likely to fall for scams through experience.
