📰 Table Of Contents
Web3 Security Report: April 2024 Insights
In April 2024, the crypto space witnessed several security incidents, shedding light on the ongoing challenges faced by the industry. Here are the key findings from the latest report by the crypto-focused bug bounty platform Immunefi:
Decrease in Losses
- Web3 experienced a loss of over $53 million across 21 incidents, marking a 46% decrease compared to the previous period.
- Notably, $53,074,827 was lost to hacks and frauds in April 2024, with Hedgey Finance accounting for the majority of the losses at $44.6 million.
- Decentralized finance (DeFi) remains a prime target for exploiters, with other notable exploits including Grand Base ($2 million) and Wilder token ($1.4 million).
Primary Targets and Trends
- Ethereum continues to be a primary target for Web3 hackers, with 15 attacks accounting for 57.7% of all losses across chains.
- BNB also faced six attacks, representing 23.1% of total losses, while other chains like Arbitrum, Optimism, Polygon, and Solana witnessed fewer incidents.
Year-to-Date (YTD) Analysis
- Year-to-date losses in 2024 amount to $401,326,044, showing a 25% decrease compared to the same period last year.
- April 2024 saw a significant decrease in losses compared to March 2024, highlighting the evolving landscape of Web3 security.
Immunefi Impact
- Immunefi has been instrumental in offering over $157 million in bounty rewards, with more than $95 million already paid out in bounties.
- The platform has successfully saved $25 billion in user funds, emphasizing the importance of robust security measures in the crypto space.
In this article:
Written By
Ian Bennett
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
Click to comment
