The crypto industry as a whole lost $3.9 billion in 2022,  according to a new report from bug bounty platform Immunefi.

Of those, only 5.2% were recovered, totaling around $204.2 million across 12 instances, the firm also said.

Most losses were due to hacks, while only 4.4% could be attributed to frauds, scams, and rug pulls. DeFi was the main target of those exploits while CeFi was a distant second, according to Immunefi.

(by Catarina Moura)