{"id":159606,"date":"2024-01-02T12:33:27","date_gmt":"2024-01-02T12:33:27","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=159606"},"modified":"2024-01-02T12:35:01","modified_gmt":"2024-01-02T12:35:01","slug":"2023-closes-with-losses-of-more-than-1-7-billion-dollars-due-to-cyber-attacks-on-the-web3-industry","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/2023-closes-with-losses-of-more-than-1-7-billion-dollars-due-to-cyber-attacks-on-the-web3-industry\/","title":{"rendered":"2023 Closes With Losses Of More Than 1.7 Billion Dollars, Due To Cyber Attacks On The Web3 Industry"},"content":{"rendered":"

The year 2023 marked a pivotal point in the <\/span><\/span>Web3 security landscape, <\/span><\/span><\/strong> reflecting notable advances in resilience,<\/span><\/span><\/strong> but also persistent challenges.<\/span><\/span><\/p>\n

<\/p>\n

Cyberattacks targeting this industry <\/span><\/span>exceeded $1.7 billion, <\/span><\/span><\/strong> with at least <\/span><\/span><\/strong> 453 incidents reported.<\/span><\/span><\/strong><\/p>\n

Although <\/span><\/span>there was an overall decrease in losses<\/span><\/span><\/strong>, high-profile exploits stood out that resonated with the community.<\/span><\/span><\/p>\n

Mixin Network<\/span><\/span><\/strong> suffered a loss of <\/span><\/span>$200 million in September,<\/span><\/span><\/strong> followed by <\/span><\/span>Euler Finance<\/span><\/span><\/strong> ($197 million in March) and <\/span><\/span>Multichain<\/span><\/span><\/strong> ($126.36 million in July), underscoring threats to <\/span>DeFi<\/span><\/a><\/strong><\/span> bridges and protocols<\/span>.<\/span><\/span><\/strong><\/p>\n

A monthly <\/span><\/span>analysis<\/span><\/span><\/a> revealed <\/span><\/span>an interesting trend<\/span><\/span><\/strong>: while September, November and July stood out for <\/span><\/span>considerable losses<\/span><\/span><\/strong>, October and December marked a <\/span><\/span>notable decline<\/span><\/span><\/strong>, <\/span><\/span>suggesting a greater focus on security awareness and the implementation of more robust safeguards.<\/span><\/span><\/strong><\/p>\n

Vulnerabilities showed a varied overview in the report About Web3<\/span><\/span><\/h2>\n

Access control issues accounted for <\/span><\/span>39.18% of attacks on Web3,<\/span><\/span><\/strong> resulting in a loss of <\/span><\/span>$666 million.<\/span><\/span><\/strong><\/p>\n

The importance of implementing strong authentication, <\/span><\/span><\/strong> limiting permissions, and providing security training for key employees<\/span><\/strong> was highlighted.<\/span><\/span><\/p>\n

Additionally, flash loan attacks <\/span><\/span>contributed 16.12%,<\/span><\/span><\/strong> causing losses of <\/span><\/span>$274 million,<\/span><\/span><\/strong> leading to the suggestion of introducing <\/span><\/span>restrictions and fees as deterrents.<\/span><\/span><\/strong><\/p>\n

The top 10 attacks of the year<\/span><\/span><\/strong>, which accounted for nearly <\/span><\/span>70% of total losses,<\/span><\/span><\/strong> highlighted a common vulnerability: <\/span><\/span>access control issues,<\/span><\/span><\/strong> particularly private key thefts.<\/span><\/span><\/p>\n

Among the notable attacks, <\/span><\/span>Mixin Network<\/span><\/span><\/strong> suffered a cloud security breach<\/span><\/span>, Euler Finance<\/span><\/span><\/strong> experienced a vulnerability in its DeFi protocol, and <\/span><\/span>Poloniex<\/span><\/span><\/strong> was the victim of a hack led by the Lazarus group.<\/span><\/span><\/p>\n

\"2023<\/p>\n

Despite the reduction in total losses, the <\/span><\/span>need for more robust measures was highlighted.<\/span><\/span><\/strong><\/p>\n

The importance of <\/span><\/span>rigorous audits and penetration testing<\/span><\/span><\/strong> was emphasized, and users were urged to <\/span><\/span>prioritize security when choosing platforms and services in the Web3 space<\/span><\/span><\/strong> to ensure a more secure and resilient future.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The year 2023 marked a pivotal point in the Web3 security landscape, reflecting notable advances in resilience, but also persistent challenges.<\/p>\n","protected":false},"author":33,"featured_media":159607,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,74],"tags":[4660,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/159606"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=159606"}],"version-history":[{"count":4,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/159606\/revisions"}],"predecessor-version":[{"id":159612,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/159606\/revisions\/159612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/159607"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=159606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=159606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=159606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}