CertiK has released their latest Hack3d: The Web3 Security Quarterly Report for Q3 2024.
CertiK notes in a blog post that their Hack3d: The Web3 Security Report for Q3 2024 aims to serve as an essential resource and record of statistics for understanding security challenges and vulnerabilities in the Web3 space.
CertiK explains that the research reports equips stakeholders with the knowledge and insights needed to fortify their defenses and make well-informed decisions in a “high-stakes” environment.
According to the research study shared by CertiK, the third quarter of 2024 experienced “significant progress” in the crypto industry, including the approval of Spot Ethereum ETFs.
CertiK pointed out that this development sparked optimism, drawing institutional interest after the introduction of Spot Bitcoin ETFs, and paving the way for broader adoption of digital assets.
CertiK also mentioned in its report that activity on decentralized finance (DeFi) platforms continues to grow, reflecting increased on-chain activity.
CertiK also stated in the report that despite these positive trends, security challenges remain a persistent issue. Q3 saw a total of $753,094,610 stolen by malicious actors across 155 security incidents.
CertiK further noted that this is an approximate 9.5% increase in value lost, but 27 fewer total incidents compared to the previous quarter.
According to insights from CertiK, cybersecurity remains a critical concern within Web3, as hackers continue to become more sophisticated.
And one indication of this is the fact that hackers have stolen nearly $2 billion so far in 2024.
CertiK added that phishing was the most costly attack vector this quarter, with $343,099,650 stolen across 65 incidents.
And other notable incidents involved private key compromises, code vulnerabilities, and reentrancy events — all highlighting critical security challenges in DeFi.
Similar to last quarter, CertiK pointed out that Ethereum, the world’s largest smart contract and second-biggest crypto network, is still the most targeted network, with $387,892,629.16 stolen in 86 incidents — well above Bitcoin, which was the second most targeted network.
As stated in the research report, malicious attackers allegedly stole as much as $89,838,491.98 in hacks orchestrated across multiple chains.
Despite advancements in security, CertiK pointed out that hacks remain a persistent threat in the crypto space. As the industry evolves, so do the tactics of attackers, who continue to exploit vulnerabilities in both centralized and decentralized platforms.
CertiK also mentioned that while the decrease in the number of hacks this quarter is encouraging, the increase in total amount stolen serves as a reminder that better user education and more sophisticated security measures are essential to protect assets and maintain trust in the ecosystem.
In their report, CertiK examine in detail the latest trends in Web3 security, including an analysis of the most prominent attack vectors, targeted chains, and the top three security incidents.
CertiK also highlight a variety of their recently-published technical and educational resources.