Web3 Crypto Incidents in August 2023: A Summary
Web3, the decentralized internet, experienced a significant amount of losses in August 2023, totaling $1.25 billion across 211 incidents. The newly launched Ethereum Layer 2 Base network contributed to these losses, with $23.4 million alone. Here are the key points:
1. Base network: The Coinbase-incubated Base network suffered losses across four separate projects since its launch on August 9. This made it one of the most targeted chains alongside Ethereum and BNB Chain.
2. Most attacked chains: Ethereum had the highest number of attacks with five incidents, followed by BNB Chain and Base with four incidents each. These three chains accounted for 62% of all losses in August.
3. Other targeted chains: Optimism encountered two incidents, while Arbitrum, Solana, Avalanche, Fantom, and Linea faced a single incident each. Together, they represented 28.7% of the total losses.
4. DeFi hacks: Hacks were the main cause of losses in August, accounting for 67.7% of the total. DeFi platforms were the primary target, while centralized venues avoided major exploits.
5. Immunefi’s impact: Immunefi, a web3 bug bounty platform, paid out over $80 million in bounties and saved more than $25 billion in user funds across various protocols.
In conclusion, the crypto space experienced significant losses in August 2023, primarily due to DeFi hacks. The newly launched Ethereum Layer 2 Base network was particularly targeted, along with Ethereum and BNB Chain. Immunefi played a crucial role in identifying vulnerabilities and preventing further losses.
Hot Take: The Need for Continued Security Measures in Web3
The high number of incidents and losses in the crypto space highlights the ongoing need for robust security measures in the web3 ecosystem. As the popularity of decentralized finance grows, so does the risk of attacks and exploits. It is imperative for developers, projects, and users to prioritize security and collaborate with bug bounty platforms like Immunefi to identify and address vulnerabilities. Only through collective efforts can we ensure the long-term sustainability and trust in the web3 space.
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