In 2023, financial losses on the BNB Smart Chain due to exploits or breaches fell by 85% to $161.1 million, according to the findings of a new Avenger DAO study report. The study data also shows that Q2 of 2023 was the costliest quarter, with approximately $69.5 million lost across 127 incidents. Scams Were the…
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Several reports that have recently surfaced have revealed the extent of losses that crypto platforms and users faced during 2023 as a product of exploits and hacks. TRM Labs’ latest report states that the number ascended to $1.7 billion, while De.fi, another Web3 security firm, states that this number reaches higher, to $2 billion. Reports…
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Thirdweb, a Web3 development framework provider, has announced that it has started mitigating a vulnerability that could potentially affect thousands of smart contracts across several networks. The vulnerability, uncovered in November, impacts various pre-built smart contracts that the framework provides for rapidly deploying applications using an undisclosed open-source library. Thirdweb Mitigates Critical Vulnerability Across Dozens…
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The security platform released a report categorizing Web3 exploits in 2022, concluding that nearly half came from “infrastructure” or centralized elements. A new report from blockchain security platform Immunefi suggests that nearly half of all crypto lost from Web3 exploits is due to Web2 security issues such as leaked private keys. The report, released on…
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The Mixin Network cross-chain protocol accounted for almost two-thirds of the crypto exploit losses in September. September has officially become the worst month in 2023 (so far) for crypto-related exploits — with a whopping $329.8 million in crypto stolen. On Oct. 2, blockchain security firm CertiK said the most significant contributor to the month’s totals…
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According to cybersecurity firm Certik, nearly $1 billion in cryptocurrency has been pilfered due to scams, rug pulls, and exploits throughout 2023. The company highlighted that the combined incidents in August alone led to a loss of $45.8 million. Certik Analysis: Cryptocurrency Losses Near $1 Billion The digital security and smart contract auditing firm Certik…
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Palo Alto Networks CEO Nikesh Arora warned that “bad actors are getting faster” and stressed that companies need to beef up cybersecurity defenses. Palo Alto Networks CEO Nikesh Arora has urged companies to modernize their cybersecurity systems, cautioning that bad actors have become much faster at breaching company defenses than ever before. Speaking to Jim…
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Fireblocks, a digital assets security company, has disclosed vulnerabilities affecting several cryptocurrency wallets, collectively named “Bitforge.” Through these vulnerabilities, criminals could steal millions in cryptocurrency without having direct contact with the owners of the wallet or its providers. While some providers have already applied patches, others are still vulnerable. Bitforge Vulnerabilities Disclosed Fireblocks, a cryptocurrency…
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The two protocols will implement a standard for issuers to control the “canonical” minting of tokens, helping to reduce losses from unofficial bridges. The Connext cross-chain bridging protocol has announced a new token standard to reduce losses from bridge hacks. According to a July 24 announcement, the new “xERC-20” standard allows token issuers to maintain…
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The month was particularly bad for exploits, with the amount lost accounting for half of the total crypto exploited so far in 2023. Crypto exploits, exit scams and flash loan attacks saw little signs of letting up in April, with more than $103 million of funds stolen from crypto projects and investors in the month. …
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