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Bad actors stole roughly $2.3 billion from web3 projects, with Ethereum accounting for more than half of the total losses.
According to the State of Web3 Security in 2024 report from Cyvers, 51% of the stolen funds came from Ethereum-based projects, largely due to its role as the leading blockchain for DeFi and its extensive liquidity.
BNB Chain was the second most targeted blockchain, accounting for 24% of losses, while Bitcoin, XRP, and Arbitrum accounted for 5%, 4%, and 3%, respectively.
Access control failures accounted for 81% of the total funds lost in 2024, linked to weak authentication and permission mechanisms. Smart contract vulnerabilities, while responsible for 19% of the losses, exploited loopholes in code to siphon funds.
The top three biggest Web3 hacks of 2024 included the $305 million DMM Bitcoin exploit, the $290 million PlayDapp breach, and the $235 million WazirX attack. Each of these incidents stemmed from vulnerabilities in access control mechanisms. 5 replies
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