CertiK’s Q2 2023 Web3 Security report: Key Findings
The recently released Q2 2023 Web3 Security report by CertiK highlights the security challenges faced by the blockchain ecosystem during the last quarter. Here are the key findings:
- Malicious actors drained $313,566,528 from web3 companies in Q2 2023.
- The amount lost closely mirrors the $320 million lost in Q1, indicating a consistent trend.
- However, there was a 58% decrease in value lost compared to Q2 2022.
- The average financial loss per attack was $1,479,087, slightly lower than Q1.
- 98 exit scams resulted in the loss of $70,353,565 from investors.
- Flash loan attacks saw a significant decline in value, with $23,749,032 lost in Q2 2023.
- The industry experienced off-chain events, such as legal proceedings against Binance and Coinbase by the SEC.
- Vulnerabilities were found in major protocols and applications, emphasizing the need for security audits.
Hot Take
The Q2 2023 Web3 Security report shows a consistent trend in the loss of funds to malicious actors in the blockchain ecosystem. However, there are positive signs, such as a decrease in value lost compared to the previous year and modest advancements in security protocols. The surge in exit scams and rug pulls highlights the importance of vigilance when investing in new web3 projects. The decline in flash loan attacks is encouraging, but it’s essential to remain alert to evolving threats. Overall, the report underscores the need for continued efforts in enhancing security and conducting thorough audits in the blockchain industry.
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