Decentralized finance (DeFi), security platform and bug bounty service ImmuneFi released an official report on Thursday that calculates total cryptocurrency market losses in 2021. According to its report, the company uncovered more than $10.2 billion in hacks, scams and other malicious activity last year.

ImmuneFi is responsible for securing over $100 billion worth of assets for many established DeFi protocols, including Synthetix, Chainlink, SushiSwap, and PancakeSwap, among others, and regularly provides white hat hackers and other well-intentioned entities with seven-figure payments to prevent protocol compromises.

according to According to the report, in 2021, there will be 120 incidents of cryptographic exploits or fraudulent pulls, with the highest value being Poly Network at $613 million, followed by Venus and BitMart at $200 million and $150 million, respectively.

Other notable entries on the list are Alpha Finance and Cream Finance, both of which were hacked for $37.5 million, Y$11 million in Earn.finance, Furucombo’s $14M Evil Contract Exploit,as well as The infamous Alchemix reverse rug Users of the platform are claiming a welcome fortune of $6.5 million after a withdrawal issue with one of the platform’s smart contract synthetic assets, alETH.

2021 saw a significant uptick in both the frequency and number of security breaches compared to the previous year, when 123 incidents were recorded totaling $4.38 billion, an increase of 137%.

We just published our 2021 report on crypto losses from hackers and scams.

The DeFi ecosystem lost a total of $10,210,188,549

Read more facts and figures here:https://t.co/gCWiOqjhhZ pic.twitter.com/zEX28yg0vD

— Immunity (@immunefi) January 7, 2022

Mitchell Amador, CEO and founder of Immunefi, spoke to Cointelegraph about his optimism about the future of on-chain security, although he described it as “a year of huge losses” for the industry.

“Despite brand new vulnerabilities in the on-chain economy, the community is adapting quickly. In Immunefi alone, we saved twice as many exploit losses this year, and security best practices spread throughout the community.”

Amador cites ImmuneFi as promoting Polygon (MATIC) recent $3.47 million paid to two white hat hackers They were instrumental in avoiding a so-called “critical” vulnerability in the network’s proof-of-stake Genesis contract that put nearly all of the $10 billion MATIC token supply at risk.

related: Telling the Biggest DeFi Hack of 2021

Last September, ImmuneFi organized what was then reported as The biggest bounty in DeFi history Thanks to famed white hat programmer Alexander Schlindwein for avoiding a potential $10 million vulnerability crisis in automated market maker (AMM) protocol Belt Finance.

Schlindwein was awarded a total of $1.05 million, of which $1 million was provided by Belt Finance using ImmuneFi as an intermediary, and the remaining $50,000 was provided by Binance Smart Chain’s Priority One program.

in October, ImmuneFi announces $5.5 million in funding From a number of institutional investors including Blueprint Forest, Electric Capital, aiming to expand their security services to the entire DeFi industry, working together to reduce the prevalence and financial impact of benevolent security breaches in the space.