Crypto projects witnessed more than 125 hacks, and the top five heists (all involving decentralized finance (DeFi) protocols) accounted for $1.48 billion of the total amount stolen.

Forbes highlighted that these top five biggest crypto heists range from cross-chain hacks, code exploits, and flash loan attacks.

The top five hacks are Ronin Network’s $625 million exploit, Wormhole’s $325 million theft, Nomad Bridge’s $190 million hack, Beanstalk Farms’ $182 million flash loan attack, and Wintermute’s $160 million exploit.

According to the report, DeFi hacks represent around 49% of the total amount stolen by hackers this year. This has led to reduced investment in the sector, as data from blockchain analytics firm Elliptic shows that DeFi protocols lost 75% of their total value locked (TVL) in 2022. However, that also accounts for the declining asset prices.