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NEW YORK, January 18, 2023–(BUSINESS WIRE)–DeFiYield.app published their Full Report on Crypto Scams 2022. This special annual report covers the biggest cryptocurrency hacks and scams of the year. We keep you safe and informed.

This press release is multimedia. See the full version here: https://www.businesswire.com/news/home/20230117006201/en/

(Graphic: Business Wire)

According to DeFiYield REKT Databaselargest crypto scam database in the world, $48.9 billion was lost, an increase of more than 500% from 2021. Here are the 5 biggest crypto losses of 2022:

1. Terra Classic – $40 billion (May 8)

The Terra Luna ecosystem, one of the largest collaborative crypto projects, started in May 2022.

Traders sold $USTC into a Curve liquidity pool, causing $USTC to depreciate. $LUC then took a quick hit as people rushed to redeem their stablecoins. The $LUNC market cap fell below $USTC, preventing redemptions.

2. Genesis – $2.8 billion (November 10)

Genesis revealed that he had $175 million trapped in an FTX account. Withdrawals have been stopped on the platform.

This included customer funds deposited into Gemini’s Earn program and loaned to Genesis.

3. Celsius — $1.19 million (CeFi, July 13)

Celsius Network, a centralized exchange and lending protocol, filed for bankruptcy in July. The company disclosed a balance sheet deficit of $1.2 billion.

The project halted withdrawals a month prior, citing “extreme market conditions”.

4. FTX – $1.0 billion (November 11)

FTX, Alameda Research and affiliates filed for bankruptcy, with lost funds estimated at $1 billion to $2 billion.

November revealed that Alameda’s collateral was dominated by FTX’s native token, $FTT. The suspicion that FTX was insolvent prompted customers to withdraw billions from the exchange. FTX then declared bankruptcy.

5. BlockFi – $1.0 billion (November 11)

Crypto lending platform BlockFi halted withdrawals and filed for bankruptcy due to its exposure to FTX and Alameda.

BlockFi estimated liabilities between $1 billion and $10 billion.

Trends in DeFi exploits

In 2022, Crypto’s biggest losses were in CeFi and Stablecoins, with a staggering loss of over $41 billion. Rugpulls were the most common DeFi exploit, averaging more than one rugpull every 3 days.

Smart contract risk remains a top threat: nearly half of exploits in 2022 were smart contract related.

Funds recovered this year: $901 million, compared to $648 million last year.

Look for any crypto scams in the DeFiYield REKT Database.

Conclusion

DEFIYIELD is dedicated to helping investors navigate this complex and ever-changing space, with tools that keep you safe and informed.

About DEFIYIELD

DEFIYIELD is an all-in-one solution for safe DeFi investing. With products such as an asset management dashboard, Explore Opportunity, and the world’s first DeFi antivirus. DEFIYIELD aims to make DeFi safer, easier to follow and easier to access for everyone.

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See the source version on businesswire.com: https://www.businesswire.com/news/home/20230117006201/en/

contacts

Sonali Giovino
sonali@defiyield.app





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