Preventing Crypto Armageddon: A retrospective on Immunefi, 3 years later

Immunefi's retrospective argues that scaling bug bounties to the capital at risk helped prevent the onchain "financial armageddon" its founder anticipated, though it says causation is not proven. Immunefi's tracked data show 488 publicly known hacks from 2021 to 2023, with funds impacted of $2.33 billion in 2021, $3.77 billion in 2022 and $1.70 billion in 2023. Hack counts rose over this period while losses per hack fell, and Immunefi claims it has helped avert at least $25 billion in hack damage.