Immunefi, a bug bounty and security services platform for Web3, assesses the volume of crypto funds lost due to hacks and scams on a quarterly and yearly basis. They recently published “Crypto Losses in 2022,” report in which they found that $3,948,856,037 (or $3.9 billion) worth of crypto were stolen (or lost) across the Web3 ecosystem in

The report found that $3.7 billion was lost to hacks in 134 different hacking incidents, and $174 million was lost to fraud in 34 different scams.

The majority of those funds were lost by four projects: Ronin Network, BNB Chain, Wormhole, and FTX.

While it may appear to be a large sum of money to get stolen and scammed, it is down 51.2% from 2021, when over $8 billion was stolen, according to the report.