CertiK Releases Hack3d 2023: The Web3 Security Report

NEW YORK, Jan. 03, 2024 (GLOBE NEWSWIRE) — CertiK, the industry leader in blockchain security, today announced the release of its annual flagship publication. Hack3d: The Web3 Security Report for 2023 is a comprehensive report that offers an unprecedented deep dive into the security incidents, vulnerabilities, and trends that have defined the landscape of blockchain and smart contract security over the past year.

Hack3d reports are the most detailed and authoritative security reports in the industry, providing the Web3 community the most comprehensive statistics on hacks, scams, and exploits. This year’s edition analyzes the 51% decrease in financial losses due to security breaches, down to $1.84 billion across 751 incidents from 2022’s total of $3.7 billion. In the report, CertiK evaluates whether this decline is an outcome of decreased asset valuations or a true reflection of improved security practices in the Web3 space.

Key highlights from Hack3d 2023 include:

• Q3 saw the most losses, at $686,558,472, from 183 hacks, scams, and exploits.
• Private key compromises were the most costly attack vector, with $880,892,924 lost in just 47 incidents. This represents nearly half of all financial losses, though just 6.3% of all security incidents.
• Security breaches affecting multiple chains accounted for $799 million of losses in just 35 incidents, highlighting the persistent pain-point that is cross-chain interoperability.
• In-depth examinations of significant events, including “retroactive bug bounty” negotiations, a major hardware wallet backend compromise, and the evolving landscape of institutional adoption in Web3.

CertiK’s Hack3d 2023 goes beyond presenting raw data, offering insightful analysis on how these security breaches have impacted the broader Web3 ecosystem. It features detailed explorations of new developments, such as the increasing trend in sophisticated negotiation tactics by hackers and the continuous quest for institutional adoption in the blockchain space.

“This year’s report is indispensable for everyone invested in the Web3 world,” said Prof. Ronghui Gu, co-founder of CertiK. “From blockchain developers and crypto investors to policymakers and digital currency enthusiasts, Hack3d 2023 serves as a crucial guide for navigating the complexities and opportunities of this rapidly evolving industry.”

Hack3d 2023 not only recaps significant security events of the past year but also provides forward-looking projections and insights, helping stakeholders prepare for the challenges and opportunities ahead.

Hack3d 2023 is now freely available on CertiK’s website.

Contact:

Elisa Yiting Xu
yiting.xu@certik.com

Jesse Leclere
jesse.leclere@certik.com