Crypto “losses” continued to decline in the third quarter, a new report shows.
Immunefi’s Crypto Losses Q3 report found $428,718,083 worth of losses in Q3, down 36% from $670,698,280 in Q2 and a drop of 62.9% from $1,155,334,775 during the year-ago quarter. Crypto losses are defined as a combination of hacks and alleged fraud incidents like rug pulls in web3 projects, Adrian Hetman, tech lead of the triaging team at Immunefi, told TechCrunch.
Most of those losses derived from two specific incidents involving the cross-chain messaging protocol Nomad and crypto market maker Wintermute, which lost $190 million and $160 million, respectively. These two projects represent around 80% of Q3 losses, it found.
According to the report, crypto losses have declined for the past three quarters in a row, but it’s not clear whether that trend will continue for the rest of the year.