NEW YORK–(BUSINESS WIRE)–DeFiYield.app has released their full 2022 Crypto Scam Report. This special yearly report covers the largest cryptocurrency hacks and scams of the year. We keep you safe and informed.
According to DeFiYield’s REKT database, the world’s largest crypto scam database, $48.9b was lost, over 500% increase from 2021. Here are the 5 biggest crypto losses of 2022:
1. Terra Classic — $40b (May 8)
Terra Luna ecosystem one of the largest crypto projects to collabs began in May 2022.
Traders sold off $USTC in a Curve liquidity pool, leading to $USTC depreciating. $LUNC was then minted rapidly as people rushed to redeem their stablecoins. Market cap $LUNC fell below $USTC, preventing redemptions.
2. Genesis — $2.8b (November 10)
Genesis revealed that it had $175m trapped in an FTX account. Withdrawals were halted on the platform.
This included customer funds deposited in Gemini’s Earn program and loaned to Genesis.
3. Celsius — $1.19m (CeFi, July 13)
Celsius Network, a centralized exchange and lending protocol, filed for bankruptcy in July. The company revealed a $1.2b balance sheet deficit.
The project halted withdrawals a month prior, citing “extreme market conditions”.
4. FTX — $1.0b (November 11)
FTX, Alameda Research, and affiliated companies declared bankruptcy, with funds lost estimated between $1-2b.
November revealed that Alameda’s collateral was dominated by FTX’s native token, $FTT. Suspicion that FTX was…
