BlocksInform
It’s no secret that in 2022 the world of Web3 and decentralized finance (DeFi) experienced a slew of major exploits and attacks. From the Ronin bridge attack to the Nomad hack, the top 10 exploits alone saw over $2 billion lost.
In the Beosin web3 2022 Global Safety Report, he found that of 167 major security incidents in the past year those rooted in challenge were the most vulnerable. The challenge projects were attacked 113 times, representing approximately. Sixty-seven percent of recorded attacks.
This is followed by attacks on exchanges, nonfungible token (NFT) projects, cross-chain bridges and wallets in that order.
According to the report, defiant projects are the second largest in terms of monetary losses, totalling $950 million in losses. This is after the loss of $1.89 billion over the past year.
By 2022, all types of projects experienced losses of $3.6 billion. This is a 47.4% increase from the previous year's total of $2.4 billion for incidents related to the operation of security.
Related: Magic Eden to refund users after fake NFTs sold due to exploit
Already alarm bells are going off for DeFi projects to be wary of even more exploits in this upcoming year as well.
Experts say that combining the number of project challenges that arise, The lack of pre-deployment security testing and the value that these projects bring is one of the reasons why hackers are brought into space.
Additionally blockchain security companies are urging users to hold on to their private keys, as funds lost to private key compromises in 2023 will be due to poor management thereof.
2023 has experienced operating incidents in the past. On Jan. 3, hackers stole $3.5 million worth of digital assets from GMX whale.
Nonetheless, 2022 ended with December seeing the lowest value of exploited funds from DeFi, with $62 million worth of exploits.
