Crypto losses total $428M in Q3, down 36% from previous quarter

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.

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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.