🧵 Hack3D Report: Q3 2024 🧵 155 hacks, scams, and exploits drained $753,094,610 from Web3 in Q3 2024. This represents a 9.5% increase in value lost compared to Q2, despite fewer incidents. 🎥 Watch the breakdown in the video below. 📊 View the full report:

1/ Q3’s losses bring total Web3 losses for the year to $2,242,066,865 across 611 on-chain security incidents. Despite fewer incidents, attacks have grown more severe, with phishing leading the way. Phishing accounted for $343,099,650 across 65 incidents. Private key compromises followed closely, resulting in $324,405,353 lost across 10 incidents. Together, these two attack vectors accounted for 88.7% of all losses in Q3.

2/ Ethereum remains the most targeted chain, suffering 86 hacks, scams, and exploits with losses totaling $387,892,629.16. Bitcoin was hit by a single major incident causing a $238 million loss.

3/ A total of $30,946,859 was recovered across 9 incidents in Q3 2024, leaving adjusted total losses of $722,147,751 for the quarter. The average loss per incident was $5,931,218.

4/ Notable incidents in Q3 2024 included: WazirX: $231,469,024 lost BingX: $48,477,499 lost Penpie: $27,348,259 lost These incidents highlight the critical need for continued vigilance and improved security across platforms.

5/ Despite the growing losses, there are advancements. The approval of Spot Ethereum ETFs reflects growing institutional interest in secure digital assets. Check out the full report for all the insights:

In my opinion, Hack3d: The Web3 Security Report for Q3 2024 is an indispensable tool for anyone involved in the decentralized ecosystem. With the rapid pace of innovation in Web3, security remains a top concern.

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