Web3 Hackers Losing Steam: A Deep Dive into the Latest Report
Web3 has recently seen a significant decrease in losses due to hacks and fraud, according to a recent report by Immunefi, a crypto bug bounty platform. The report highlights key insights into the world of crypto hacking, with some surprising trends and statistics.
Decoding the Numbers: A Closer Look at the Data
Let’s break down the numbers from the report to better understand the current landscape of crypto hacking:
- April 2024 saw a total loss of $53,074,827 due to hacks and frauds, a notable decrease from the previous period.
- In comparison, April 2023 witnessed a significantly higher loss of $98,610,392.
- Decentralized finance (DeFi) was the primary target, accounting for $44.6 million of the losses.
- High-profile exploits included Grand Base ($2 million) and Wilder token ($1.4 million).
- No attacks were reported in centralized finance (CeFi) in April.
Ethereum Dominates as the Preferred Target
It comes as no surprise that Ethereum continues to be the main target for Web3 hackers. Here are some key insights:
- Hacks accounted for over $50 million of the losses across 12 incidents in April.
- Fraudsters stole just above $3 million in 9 incidents during the same period.
- Ethereum saw the highest number of attacks, with 15 incidents and 57.7% of all losses.
- BNB suffered six attacks, representing 23.1% of total losses.
- Other chains like Arbitrum, Optimism, Polygon, and Solana also witnessed hacking incidents.
A Year of Progress: YTD Decrease in Losses
Despite the challenges faced by Web3 in terms of hacking and fraud, there has been significant progress in reducing losses year-to-date:
- YTD losses totalled $401,326,044 so far this year, marking a 25% decrease from the same period last year.
- April 2024 saw a considerable decrease in losses compared to March 2024, dropping from $133,235,200 to $53 million.
- Immunefi has offered over $157 million in bounty rewards, with more than $95 million already paid out in bounties.
- The platform has successfully saved $25 billion in user funds.
Hot Take: Stay Informed, Stay Secure in the World of Web3
As the world of Web3 continues to evolve, it is crucial to stay informed about the latest trends and developments in hacking and fraud. By understanding the risks and taking proactive measures to secure your assets, you can navigate the crypto landscape with confidence and peace of mind. Remember, knowledge is power when it comes to protecting your investments in the world of Web3.
Sources:
– Immunefi Report
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