According to a report released by Immunefi, the total losses attributed to the cryptocurrency industry during the third quarter of 2018 decreased significantly. The report noted that the total amount of losses was down 36% from the previous quarter and 62.9% from the same period a year earlier. According to Adrian Hetman, the tech lead of the company’s triaging team, the losses attributed to cryptocurrencies are typically caused by hacks and fraud incidents.
The majority of the losses that the agency identified during the investigation were caused by two incidents involving the Wintermute and Nomad cross-chain messaging platforms. These two projects lost a total of $220 million and $165 million, respectively.
A report released by the Financial Industry Regulatory Authority stated that the number of crypto losses has declined for the last three quarters. Despite that, it’s not clear if this trend will be maintained.
Crypto losses total $428M in Q3, diminishing 36% from the previous quarter according to an article by Jacquelyn Melinek originally published on TechCrunch.
The agency identified the two incidents as the main causes of the losses that affected the industry during the third quarter. These two projects lost a total of $220 million and $165 million, respectively.
The spike in the first quarter was largely due to the large amount of losses that were caused by the DeFi hack on the network of the Ronin. Without this incident, the industry would have been in line with the second quarter.