$302 million in losses documented in CertiK's report due to blockchain attacks, accompanied by a decrease in phishing incidents
In a startling revelation, CertiK, a globally recognised blockchain security firm, has released its May Security Report, shedding light on the ongoing fragility of the Web3 ecosystem. The report details over $302 million in stolen funds linked to at least nine major incidents in May, marking a significant increase compared to the previous month.
One of the most striking findings in the report is the contrasting trend in phishing-related attacks and a growing concern in losses from code vulnerabilities. Losses from phishing incidents fell drastically to $47.63 million in May, down from April's $337.38 million, indicating a successful effort in combating this type of attack. However, losses from code vulnerabilities totaled approximately $229.67 million in May, an increase of nearly 4,484% compared to April.
The largest security breach in the Web3 environment was caused by the company JetWebHackers, resulting in losses of approximately $57,800. This incident, while relatively small compared to others, serves as a critical reminder of the ongoing fragility of the Web3 ecosystem.
DeFi platforms suffered the brunt of the attacks, with losses of approximately $241.29 million, making them the most heavily targeted in May. Notable incidents include losses of $11.17 million from exchange-related incidents, $11.96 million from Cork Protocol, and $11.17 million from BittoPro. Additionally, Mobius DAO suffered losses of $2.16 million, while Demex Nitron and Cetus suffered damages of just under $1 million and $225.68 million, respectively - the latter being the largest incident in the report.
Wallet Drainer attacks resulted in losses of around $8.58 million, while Private Key Compromises resulted in losses of roughly $11.65 million. Address Poisoning saw losses of $3.49 million, and Price Manipulation added to the month's overall damage, resulting in losses of roughly $1.05 million.
In response to these findings, CertiK's senior researcher in blockchain security observed an unexpected rise in losses from code vulnerabilities and emphasized the importance of proactive security practices. The researcher emphasized the importance of formal verification, continuous monitoring, and a blend of human and AI-led auditing to prevent such breaches and ensure asset protection.
The report concludes by emphasizing the necessity for holistic security approaches that blend automation, formal validation, and human expertise to effectively manage risk and protect digital assets across decentralized platforms. As the Web3 landscape continues to evolve, it is crucial for all stakeholders to remain vigilant and adapt to emerging threats to ensure the safety and security of the ecosystem.
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