Losses due to hacking and attacks on Web3 protocols have witnessed a significant decrease compared to the same period last year. According to a CertiK report shared with CryptoSlate, total losses resulting from security attacks in the second quarter decreased by 58% to $313.5 million, compared to $745 million during the same period last year. This decline indicates the increased effectiveness of technical defenses and security protocols within the Web3 industry. #Web3.0

Impact of Security Measures:

According to the CertiK report, the decrease in funds lost to security attacks demonstrates that crypto exchanges, blockchain networks, and individual developers have implemented robust security measures and invested in areas such as threat detection, vulnerability management, and incident response. As a result of these efforts, total losses in comparison to the first quarter of this year were recorded slightly below $330 million.

Security Incidents in the Second Quarter:

According to the CertiK report, there were 212 security incidents in the second quarter, with an average loss of $1.5 million. The months of April and June were particularly intense for malicious actors, resulting in more than 70 incidents and losses exceeding $100 million each.

Increasing Rug Pull Scams:

The report highlights that the majority of security incidents in the second quarter were rug pulls, a form of exit scam. Rug pull refers to a team unexpectedly abandoning a project and selling all liquidity after accepting investor funds. During this period, malicious actors executed rug pulls on 98 projects, resulting in a theft of $70.35 million. This represents more than double the losses from the same scam in the first quarter, which amounted to $31 million. #RugPull

Different Types of Attacks and Their Effects:

Throughout the quarter, flash loans/oracle manipulation led to 54 incidents and $23.7 million in losses, while security breaches labeled as "others" accounted for $219.5 million. Regarding blockchain networks, the CertiK report notes that crypto projects on the BNB Chain have become increasingly attractive targets for attacks. Additionally, Ethereum (ETH) suffered 55 security breaches, resulting in losses of $66 million. Other platforms mentioned in the report include Arbitrum, Multichain, Avalanche (AVAX), and Polygon (MATIC). #Attacks

Significant Incident:

Atomic Wallet Attack: During this period, a total of 19 incidents resulted in $150.3 million being stolen in activities both on and off the chains. The largest individual attack of the quarter was the $100 million attack on Atomic Wallet, which accounted for a significant portion of these losses. #hackers