Web3 Theft Hits Lowest Point of the Year in October
In October, web3 theft reached its lowest point for the year, according to a report by CertiK. The blockchain security firm confirmed that losses from hacks, exploits, and scams totaled $32.2 million across 38 incidents, with no single incident resulting in a loss of over $7 million.
Compared to the total losses of $1.4 billion over the past ten months, the losses in October were only about a quarter of the monthly average. January had the second-lowest losses at $33.7 million. However, it is important to note that the decrease in losses in October was not due to a continuous decline but rather the absence of major incidents during that month. Additionally, October also had the lowest number of incidents at 38.
Decrease in Incidents throughout Q3
CertiK’s report for the third quarter revealed a decline in incidents, with 79 occurring in July, followed by 66 in August and 39 in September. The only category that experienced an increase in October was exit scams, which were four times higher than their September levels. Exit scams reached their highest point of the year in May when users of the crypto project Fintoch lost nearly $32 million.
Hot Take: Web3 Theft Plummets to New Low
The month of October saw a significant drop in web3 theft, with losses hitting their lowest point for the year. This decrease can be attributed to a lack of major incidents during that period. While this decline is positive news for the crypto community, it is crucial to remain vigilant and take necessary precautions to protect your digital assets. As web3 continues to evolve and gain popularity, hackers and scammers will also adapt their tactics. Stay informed, stay secure, and safeguard your investments in the crypto space.
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