Anticipate Web3’s Potential for Significant Losses amid Surging Crypto Prices – Immunefi

By Wyatt Newson Dec 28, 202347Views

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Major Losses in Web3 Expected as Cryptocurrency Prices Rise

Immunefi, a bug bounty and security services platform, has released a report on the losses incurred due to hacks and fraud in the Web3 ecosystem in 2023. The report warns that with the continuous increase in cryptocurrency prices, next year could witness the largest losses ever seen in Web3. The report also highlights the persistent vulnerabilities in project infrastructure and the slow pace of change within the industry. Although overall losses decreased compared to the previous year, there was a significant rise in hacking attempts and fraud incidents. The Lazarus Group, a North Korea-affiliated hacker group, was responsible for 17% of the total losses, stealing $308.6 million.

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