Cyber-attacks targeting Web3 cost organizations $1.84bn in 2023 across 751 incidents, according to Certik’s Hack3d: The Web3 Security Report 2023.
The average cost per incident was $2.45m in 2023. However, there was a wide disparity between the losses suffered, with the 10 most costly attacks alone accounting for $1.11bn.
The highest costs occurred in Q3, where $686.5m was lost from 183 hacks.
The report, which examined hacks, scams, and exploits in the entire Web3 industry, found there was a 51% decline in losses from incidents in 2023 compared to 2022, when the total was $3.7bn.
However, a major factor for the reduction in losses is the fall in the value of decentralized finance (DeFi), with the time-weighted average value down by approximately 46% in 2023 compared to 2022.
How do Attackers Target Web3?
Web3 is an internet service built using decentralized blockchains, designed to put control in the hands of the users.
However, this ecosystem comes with significant cyber-risks, with threat actors frequently stealing cryptocurrency from DeFi platforms.
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