CertiK Web3 Security Report Highlights $750M Stolen in Q3 Web3 Attacks
Within 155 incidents, hackers stole $750 million, according to CertiK‘s most recent Web3 security report. This brought the overall losses for the year to almost $2 billion. 27 fewer occurrences occurred this quarter than the previous, yet the value lost increased by about 9.5% overall.
According to the research, phishing and private key breaches are the most common attack routes, resulting in losses of $668 million. In just 65 instances, phishing alone resulted in $343 million in losses. One notable example was a Bitcoin whale that lost $238 million in August—the largest-ever phishing attack of Q3. In just ten occurrences, private key compromises caused losses of over $317 million. One of the biggest cryptocurrency exchanges in India, WazirX, was the target of the most prominent private key hack.
Cross-Chain Hacks Highlight $89.8M Stolen in Q3: Code Vulnerabilities Top Threat
The potential risks of cross-chain functionality were highlighted by the multichain hacks that were also very common, stealing $89.8 million from multiple networks. Notable attack techniques included code vulnerabilities and reentrancy exploits. However, phishing and private key compromises topped the list of value lost during the quarter. Three-quarters of the losses over 44 events came from code vulnerabilities, while 33% came from reentrancy assaults, which let hackers take money repeatedly before the system could update balances.
A significant decrease from the 14.4% recovered in Q2 is evident in the Q3 CertiK report, which shows that just 4.1% of stolen monies were recovered this quarter. In spite of a lower number of occurrences, the median loss was $120,529, and the average loss per hack was $5.93 million.
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