In 2023, the Web3 security landscape experienced significant changes, as detailed in CertiK's Annual Report. The year saw a notable decrease in financial losses due to hacks, scams, and exploits, down to $1.8 billion, which is 51% less than in 2022 and 65% lower than in 2021. Despite this positive trend, the number of incidents rose to 751, indicating ongoing vulnerabilities. November emerged as the costliest month, with losses totaling $363 million. Private key compromises were identified as a primary cause, responsible for half of the year's losses. The report also explores intriguing cases like KyberSwap and analyzes the correlation between DeFi’s Total Value Locked (TVL) and the losses incurred. CertiK's achievements in 2023 included launching the SkyInsights platform, earning accolades for mobile security, and receiving a significant bug bounty from SUI. This highlights the company’s proactive approach in the evolving field of Web3 security.
In the crypto world, the internet is like a treasure map, but it hides dangers like DNS hijacking, where hackers trick users into giving up their crypto. This video explores how technologies like Distributed Ledger Technology (DLT) and Ethereum Name Service (ENS) are making the internet more secure by decentralizing data and using smart contracts. Real-world examples of DNS hijacking attacks are showcased, emphasizing the need for enhanced security in crypto. The message is clear: decentralized infrastructure is essential to protect crypto investments.
In this eye-opening video, we delve deep into the world of Honeypot contracts in Web3. Imagine digital honey traps promising rewards but designed to exploit your wallet's vulnerabilities, locking away your investments. We uncover the shocking tactics used by these contracts, including wallet blacklists, exorbitant sell taxes, and more. Learn from the infamous Squid Games token incident and discover crucial strategies to protect your crypto investments. From thorough research and advanced auditing tools to staying vigilant within the crypto community, we'll show you how to navigate this complex world and safeguard your assets. Your crypto security is paramount, and this video is your ultimate guide. Don't miss it!