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Research reports
In-depth security reports, incident analyses, and industry research covering the state of Web3 security.
Incident analysisMakina Incident AnalysisOn 20 January 2026, DeFi protocol MakinaFi suffered an exploit resulting in the theft of 1,299 ETH, valued at approximately $4.13 million. 
Incident analysisTruebit Incident AnalysisOn 08 January 2026 Truebit was exploited for ~$26.6M due to an overflow issue. A malicious actor minted tokens for zero ETH that they then sold for ~$26.4M in the same transaction. The exploit was followed up by a second attacker who was able to extract a further ~$224k. 
Incident analysisBalancer Incident AnalysisOn 3 November 2025, Balancer and its forks Beets and Bex were exploited, resulting in a combined initial loss of approximately $130M.
Incident analysisNuma Incident AnalysisOn 10 August 2025 Numa protocol was exploited for ~$313k. A malicious actor acquired additional Numa tokens by liquidating victim accounts after manipulating the NumaVault by minting nuBTC. Minting the nuBTC inflated the total synth value and in turn, reduced the collateral value of cNuma according to the Numa VaultManager logic.
Incident analysisGMX Incident AnalysisOn 9 July 2025 GMX V1 vault was exploited by a white-hat for ~$42M due to a reentrancy issue. The funds were later returned to GMX who awarded the white-hat a 10% bounty. The whitehat had minted and then staked GLP before creating a short position directly from the vault contract through reentrancy. Executing in this order bypassed the ShortsTracker, and prevented the average short position price from being updated. This occurs when the market price exceeds the tracked average price, resulting in the protocol overestimating unrealized losses. As a result, the Assets Under Management (AUM) calculation was manipulated to inflate the apparent value of GLP.
Incident analysisArcadia Incident AnalysisOn 15 July 2025, a malicious actor took advantage of a lack of input validation in Arcadia Finance’s Rebalancer contract to obtain assets by paying off a portion of a user’s debt and withdrawing the underlying assets for a net gain of ~$3.6M. 
Incident analysisSola Incident AnalysisOn April 12 2025, an unverified contract, 0x623c, was exploited, leading to the loss of approximately $28,000 due to a lack of access control. The exploit was the fourth incident linked to this same attacker, who had already conducted exploits on Gemcy, OPC, and AIRWA, gaining around $181,000. On April 23, the attacker conducted a fifth attack on ACB.
Incident analysisMobius Token Incident AnalysisOn 11 May 2025, our system detected a suspicious attack involving Mobius Token #MBU on Binance Smart Chain #BSC, which resulted in an approximate loss of $2.16M
Incident analysisMagic Internet Money Incident AnalysisOn 25 March 2025, MIM Spell was exploited for 6,261.13 ETH (~$12.9M) due to a vulnerability in the integration of the RouterOrder and Cauldron contracts. The attacker was able to borrow funds, liquidate themselves then borrow funds again without repaying them. This was due to the liquidation process not overwriting records in RouterOrder that counted as collateral, allowing exploiter to falsely borrow additional funds after liquidation.
Incident analysis0xInfini Incident AnalysisOn 24 February 2025, 0xInfini was targeted by an attack that resulted in a loss of ~$49M. A key wallet used in the attack had previously been involved in the development of Infini contracts and had retained admin rights which were used to redeem all Vault tokens.
Incident analysisBybit Incident Technical AnalysisOn Feb-21-2025 at 02:16:11 PM UTC, the Bybit’s cold ethereum wallet was drained due to a malicious contract upgrade. This exploit resulted in an estimated loss of approximately $1.46 billion, marking the largest breach in Web3 history.
Incident analysisXPEPE Token Incident AnalysisOn 25 January 2025, an attacker exploited a vulnerability in XPEPE’s TokenStaker contract which led to a 99% drop of the token price.