CRYPTO LOSSES IN 2021

CRYPTO LOSSES IN 2021
Prepared by Immunefi
The team at Immunefi, the leading bug bounty and security services platform for web3
which protects over $100 billion in users’ funds, has assessed the volume of crypto funds
lost by the community due to hacks and scams in 2021.

Overview
2021 was a year of explosive growth in the cryptocurrency space. The global
cryptocurrency market size was valued at $3 trillion in 2021. Along with this, the number ofhacks has grown many times: blockchain hackers stole $3.8 billion in 122 attacks in 2020.
Therefore, more than ever, better security is needed in this area. Immunefi is alreadyprotecting projects worth about $100 billion. Immunefi has protected $20 billion fromhacks and paid more than $10 million in compensation to whitehat hackers in 2021.
We have reviewed all instances where blackhat hackers have exploited various crypto
protocols, as well as cases of alleged fraudulent protocols and founders who have
performed a rug pull in 2021. We have located 121 such instances and have assigned theminto one of these categories: either a hack or an alleged fraud.
In total, the crypto and DeFi ecosystem has witnessed a staggering loss of $8,100,159,589
in 2021. Most of that was lost in only a few events of alleged fraud, namely with Africrypt
and Thodex which together have captured over $5,500,000,000 in users’ funds.
Only $2,334,863,067 were lost through hacks, located vulnerabilities, and errors in theprotocols. Of that amount, $81,575,125 were lost in Q1 2021, $524,701,463 were lost in
Q2, $994,489,686 in Q3 and $735,243,793 in Q4. And with Immunefi, over $20 billion wasprevented from being lost.
In comparison, nearly $4.38 billion were stolen in 123 attacks throughout 2020 on theWeb3 market, resulting in a 85% YoY increase.

If you’re a developer thinking about a bug-hunting career in Web3, we got you. Checkout our ultimate blockchain hacking guide, and start taking home some of the $145M
in rewards available on Immunefi — the leading bug bounty platform for Web3.
https://immunefi.com/

THE TOP 10 HACKS IN 2021
Q1 2021

Q2 2021

Alpha Finance, Cream Finance$37,500,000

Venus$200,000,000

Furucombo$14,000,000

EasyFi$80,000,000

YFI$11,000,000

Uranium Finance$50,000,000

TSD$7,095,340

PancakeBunny$45,000,000

Roll$5,558,292

Spartan Protocol$30,000,000

DODO$3,000,000

xToken$25,000,000

lBT.Finance$1,500,000

Rari Capital$14,000,000

Armor$850,000

flash.sx$11,742,000

SeascapeNetwork$500,000bEarn Fi

$11,000,000

Multi Financial$255,000

Value DeFi

$10,000,000

Q3 2021

Q4 2021

Poly Network *$613,062,100

BitMart$200,000,000

Liquid$91,350,000

BXH$139,195,315

Compound$80,000,000

Cream Finance$130,000,000

Sentinel$40,000,000

BadgerDAO$120,000,000

Vee.Finance$35,000,000

bZx$55,040,167

Bilaxy$21,709,378

MonoX$31,000,000

Popsicle Finance$20,000,000

Compound$22,000,000

Punk Protocol$8,900,000

Indexed Finance$16,000,000

Haven Protocol$8,186,549

Synapse Protocol$8,000,000

Chainswap$8,000,000

PIZZA$5,000,000* the funds have been returned

ALLEGED FRAUD EVENTS IN 2021
The biggest alleged fraud events were Africrypt with a $3,500,000,000 loss, Thodex –$2,000,000,000 loss, Finiko – $100,000,000 loss, Bondly Finance – $59,398,385 loss.

Get the full dataset here
Upd: the report was updated on May 24, 2022 to specify certain figures and classification

About Immunefi
Immunefi is the leading bug bounty and security services platform for web3, which features
the world's largest bounties. Immunefi guards over $100 billion in users' funds acrossprojects like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, Cream Finance,
Compound, Alchemix, Nexus Mutual, and others. The company has paid out the mostsignificant bug bounties in the software industry, amounting to over $40 million, and has
pioneered the scaling web3 bug bounties standard. For more information, please visit
https://immunefi.com/