The past year was tough for crypto markets with the Terra Luna meltdown, the FTX bankruptcy, a string of high-profile insolvencies, and a surfeit of hacking-related incidents. A recent report from Immunefi, the bug bounty and security platform, revealed the crypto industry incurred losses of $3.9 billion in 2022 due to various hacking, fraud, and scam-related incidents. The decentralized finance (DeFi) market was the most targeted by cyber criminals and suffered over $3 billion in losses from 155 incidents, a 56 percent increase on 2021. A CyberEdge report found a record 63 percent of ransomware victims paid ransoms (2021), encouraging cybercriminals to increase their attacks, and that ransomware attacks have increased by 80 percent year-on-year. With the Web3 market forecast to scale to $6 trillion, cyber security experts are expecting cyber crime to scale in pace with Web3 growth.