The Web3 industry lost billions to crypto fraud last year

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.

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