Web3 Security Threats Surge In 2024 With Significant Financial Losses

According to Odaily, a report by Cyvers highlights a sharp increase in Web3 network threats in 2024, resulting in losses exceeding $2.3 billion across 165 security incidents. This marks a 40% rise compared to the $1.69 billion lost in 2023, though it remains $1.42 billion lower than the $3.78 billion lost in 2022. Notably, $1.3 billion of stolen funds were recovered this year. Cyvers reports that incidents related to access control accounted for 81% of the $2.3 billion losses, with 67 such events recorded. Additionally, approximately 98 incidents involving smart contract vulnerabilities resulted in losses totaling $456.3 million. A single address poisoning incident led to losses exceeding $68 million. Analyzing the past three years, losses related to access control breaches have steadily increased from $769 million in 2022 to $1.9 billion by the end of 2024. In contrast, losses due to code exploitation in 2023 and 2024 were significantly lower than the approximately $3 billion lost in 2022.