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.

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Join us on a journey into the dynamic realm of Web3 projects, where security is paramount. 🚀 Learn how to safeguard your venture against insider threats as we delve into the importance of team vetting. According to a Harvard report, a staggering 60% of new ventures fail due to team-related issues. Discover invaluable tips on comprehensive vetting, respecting privacy, open-source research, and security interviews. 🔒 When it comes to privacy, Web3 developers hold it dear, and that's where third-party security auditors shine. 🛡️ Dive into the ever-evolving Web3 world with us and remember, trust is earned, not assumed. Stay vigilant and subscribe for more insights.