Blockchain security firm SlowMist is revealing that hundreds of exploits happened on decentralized networks last year resulting in billions of dollars in losses.
In its latest annual report, the security firm says that the crypto industry recorded losses of $3.77 billion in 303 incidents last year, a 61% decrease compared to the $9.79 billion in losses witnessed in 2021.
According to SlowMist, various blockchain sectors such as decentralized finance (DeFi), non-fungible tokens (NFTs) and cross-chain bridges took the brunt of the security breaches.
“There were a total of 255 security incidents affecting various ecosystems, including DeFi, cross-chain bridges, and NFTs. Additionally, there were 10 security incidents involving exchanges, 11 incidents involving public chains, 6 incidents involving wallets and 21 incidents of other types.”