The Web3 sector reached an unfortunate milestone recently, though it's not exactly unfamiliar territory. As of September 4, 2023, the industry crossed the $1 billion mark in terms of value lost to exit scams, exploits, and hacks.
On 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.
CertiK analysts have been closely monitoring a scammer known as "Faint" since late 2022. This individual has been linked to numerous Discord compromises and phishing activities on both Ethereum and Solana.