As technology advances, digital fraud increases. Just when the cryptocurrency became popular, an increase in crypto frauds could be seen and now Web3 ecosystems are continuously experiencing fraud as well. These scams are taking hard-earned money from many people around the world. Web3 lost billions in 2022 and Web3 bug bounty provider Immunefi published the exact amount of money Web3 lost in 2022. It wasn’t a matter of billions or millions of dollars, because the Web3 ecosystem has lost $3,948, 856,037 billion to be exact to different frauds in 2022. The Immunefi report also presented the names of the blockchains that were most targeted by scammers. These blockchains were BNB Chain and Ethereum. These blockchains experienced one-time frauds, BNB Chain with 65 and Ethereum with 49 frauds last year.

Even if the money lost seems large, the percentage has decreased since 2021 to 51.2% (which was $8,088,338,239). In 2022, the Web3 ecosystem lost a total of $3,948,856,037 (ie 3.94 billion) to crypto fraud, but now there is a major decline. These statistics remain a major security risk for many organizations that trade through the Web3 ecosystem. Therefore, it is better for them if they find a new security strategy for new crypto threats, or their data will be exposed to crypto fraud.

Even with all these frauds occurring on Web3, researchers have predicted that the Web3 market will grow from $3.2 billion in 2021 to $81.5 billion in 2030. As the value of the Web3 market increases, cybercriminals will find new ways and innovative fraud. . The truth is that in these large markets, the frauds that occur are inevitable. Web3 has to take steps to reduce fraud, even if stopping it is impossible. Web2 applications were nothing that cybercriminals could hack, but in Web3 everything is much more advanced. As Web3 is quite new to the cryptocurrency market, it is difficult for users to adapt to it and criminals take advantage of this vulnerability. Over time, users will learn to handle Web3 and the amount of losses will continue to decrease.

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