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Businesses and individuals working in the Web3 industry lost almost $4 billion last year to fraud and cybercrime, a new report has shown.
Web3 is the idea behind a possible next version of the internet, built on decentralized solutions, blockchain, and token-based economics. It has risen to prominence in recent years, following the explosive growth of Bitcoin, Ethereum, and other blockchain solutions, despite little concrete returns so far.
As more organizations started building new systems, fraudsters were quick to come out of the woodwork, and now Web3 bug bounty provider Immunefi has claimed exactly $3,948,856,037 worth of …
