According to a report by Coin World, from the second quarter of 2023 to the second quarter of 2024, attacks on centralized cryptocurrency platforms surged by 1000%, leaving CeFi users licking their wounds. Data from Web3 vulnerability bounty company ImmuneFi reveals that in five incidents on centralized platforms, over 400 million dollars in crypto assets were drained, compared to 37 million dollars in the same period last year. Japan’s DMM Bitcoin suffered the largest attack, with losses of 305 million dollars, followed by BTC Turk, which lost 55 million dollars.
Notably, the DeFi sector displayed a contrasting trend, with the number of attacks decreasing by 25% compared to the second quarter of 2023.
The study titled “Understanding Perceived Security Risks and Mitigation Strategies in the Web3 Ecosystem,” conducted by two scholars from the University of Macau and one from the University of Illinois, suggests that Web3 users are becoming increasingly savvy in terms of security. The research identified four main issues: rug pulls, smart contract vulnerabilities, social engineering attacks, and centralized exchange collapses. Users are now devising their own strategies to protect themselves from potential attacks.
The most popular strategies include risk assessment, such as trying small-scale test investments, investing only in established projects, and diversifying investment portfolios.
Despite the research indicating a more mature and conscious user base in terms of risk, these figures show that malicious actors continue to run rampant in the field.
