The Web3 industry lost billions last year to crypto fraud

Web3 companies and individuals lost nearly $4 billion last year due to fraud and cybercrime, according to a new report.

Web3 is the idea behind the possible next version of the Internet, built on decentralized solutions, blockchain and a token-based economy. It has gained prominence in recent years, following the exponential growth of Bitcoin, Ethereum and other blockchain solutions, despite little concrete returns so far.

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