A new report by blockchain security firm Certik reveals that financial losses related to security incidents in the web3 industry decreased significantly in 2023. The total losses amounted to over $1.84 billion, reflecting a decline of 51% from the previous year.
The report identifies a significant portion of the losses attributed to just 10 incidents, accounting for $1.11 billion. Interestingly, compromised private keys were responsible for only 6.3% of the security incidents but caused the most costly losses, totaling $880.89 million in just 47 incidents.
The BNB Chain (BNB) experienced the highest number of security incidents, with 387 hacks, scams, and exploits, resulting in $134 million in losses. Ethereum (ETH) followed closely with 224 incidents and $686 million in losses.
One notable finding from the report is that November was the most costly month in terms of web3 security incidents, resulting in a loss of $363.36 million in 45 incidents. Additionally, the third quarter of the year recorded the highest number of losses, with 183 hacks, scams, and exploits costing $686.558 million.
Furthermore, the report highlights the challenges of conducting cross-chain transactions, with 35 incidents affecting multiple chains resulting in $799 million in losses.
While the decline in web3 security incidents is promising, the report serves as a reminder of the importance of secure private key management. Private key compromises were responsible for almost 50% of the total losses in 2023.
It is crucial for investors and individuals involved in the web3 industry to prioritize due diligence and take necessary precautions to ensure the security of their assets and transactions. As the industry continues to grow, mitigating security risks will be essential for its sustainable development.
The source of the article is from the blog bitperfect.pe