Home
News
Blockchain sleuth Certik has released a detailed Web3 security report for Q2 of 2023, indicating that over $313 million was stolen in crypto projects between April and June 2023.
Certik releases Web3 security report
Certik’s data implies that the sum lost in Q2 was only $7 million less than that reported in Q1, which was over $320 million, indicating a continuous pattern from swindlers. However, this is a significant decline from Q2 2022 data, where over $745 million was stolen.
In the period, Certik sleuths pinpointed about 212 cases of security breaches, leaving the average loss per case at $1.4 million. This was a minute decline from the $1.5 million average in Q1.
Exit scam losses doubled to over $70 million after about 98 cases were brought to light. Flash loans and oracle scams accounted for over $222 million in Q1 and reduced to $23 million in Q2.
Analogous to Q1, Binance’s BNB Chain remained the go-to platform for hackers and swindlers. BNB Chain was a target of about 119 cases of hacking, flash loans, and theft within the period. Consequently, about $70.7 million was lost on the BNB Chain.
Ethereum was not immune to attacks despite its greatness, as over $66 million was lost in the period. Other big losers were layer 2 projects Arbitrum, Avalanche, and Polygon, and cross-chain solution MultiChain.
The monthly distribution of the incidents is also something worth taking note of. May recorded the least number of incidents (63), with total funds stolen amounting to $74.5 million. Consequently, this brings to attention another report by a security firm De.Fi, which implied that BNB Chain accounted for most Web3 security and rug pull incidents in May.
In a different tale, April and June reported 75 and 74 scam cases, respectively. The amounts stolen in the two months were $103 million and $135.2 million, respectively.
The Web3 security dilemma
The Certik sleuths also noted some weaknesses in protocols like ZenGo MPC wallet and Sui validator nodes. The report also featured SEC’s crypto onslaught as the ambitious ombudsman works to lay waste to the blockchain space.
Vulnerabilities in the crypto landscape have been causing dilemmas for some time. Earlier this year, a report indicated that over $4 billion was lost through hacking last year. Although the attacks decelerated this year, the losses reported are still extremely high.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Wayne is a part-time trader with a fine eye for detail. Over the years, he has developed an intriguing interest in blockchain technology and enjoys writing about cryptocurrencies.
