Stay Informed on Web3 Security Challenges with CertiK’s Latest Report 🛡️
Blockchain security auditor CertiK has released its Web3 Report for the second quarter of 2024, shedding light on the on-chain security vulnerabilities and losses within the crypto space.
The Rise in On-Chain Security Vulnerabilities and Losses 💸
During Q2 of 2024, a total of $688,102,941 was lost due to 184 on-chain security incidents, marking a 37% increase in value lost compared to the previous quarter. However, there was an 18% decrease in the number of incidents during this period.
- Phishing attacks accounted for $433.7 million loss across 67 incidents
- Private key compromises led to $170.1 million in losses through 16 major incidents
- Ethereum had the highest number of security breaches with 83 hacks and scams
- The ETH blockchain experienced 222 incidents totaling nearly $15.5 million in losses
Prominent On-chain Security Breaches 🚨
In Q2, the top 10 on-chain security breaches were mostly driven by phishing attacks, showcasing vulnerabilities within the system.
- The largest single on-chain attack targeted a Japanese exchange, DMM Bitcoin
- A prominent crypto attack involving Avalanche tokens resulted in a $54 million loss
- Code vulnerabilities, access control issues, and exit scams also contributed to significant losses
- Code vulnerabilities resulted in $37.37 million in losses across 57 incidents
- Access control failures led to significant losses of $7.51 million
Diversified Security Challenges Across Different Blockchains 🌐
While Ethereum faced the highest number of security breaches, other blockchains like BNB Chain, Arbitrum, and Avalanche were not immune to on-chain incidents.
- BNB Chain experienced 44 incidents totaling $12 million in losses
- Security challenges are not confined to any single blockchain, as evidenced by incidents on Arbitrum and Avalanche
Conclusion 📉
As the crypto space continues to evolve, staying informed about on-chain security vulnerabilities and best practices is crucial to safeguarding your assets. By understanding the prevalent risks and learning from past incidents, you can better protect your investments in the ever-changing landscape of Web3.
Hot Take: Protect Your Crypto Assets with Proactive Security Measures! 🔒
Be proactive in securing your crypto assets by staying updated on the latest security trends, leveraging secure storage solutions, and practicing good cybersecurity hygiene. Remember, prevention is key when it comes to safeguarding your digital wealth in the dynamic world of Web3.
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