Web3 Hackers Target Big Fish, But Sector’s Recovery Hits 54%: Hacken
More than half of the stolen funds, totaling over 54%, were successfully frozen or recovered.
The first quarter of 2024 witnessed over $824 million across 67 hacks as bad actors became more active in targeting high-profile individuals and projects.
According to the latest Hacken report shared with CryptoPotato, breaches in access control emerged as the most frequent category of hacks in terms of both frequency and financial impact, with $682 million being siphoned away. This constituted 83% of the total funds stolen during Q1 2024, spread across 26 separate incidents.
Breached wallets belonging to notable individuals, DAOs, tokens, bridges, and CeFi platforms constituted the second-largest category of losses, exemplified by incidents involving figures like Chris Larsen, Jeffrey Zirlin, and AirDAO.
Despite the staggering losses during the first quarter, Hacken found that approximately $444 million was successfully recovered or frozen from various hacks and exploits, equivalent to 54% of the amount stolen. The firm noted that such a recovery effort marks a notable advancement in the industry’s responsiveness to such incidents.
Hacken has conducted penetration testing for web, API, iOS, and Android applications of WhiteBIT. While we won’t disclose the specific penetration testing results as they are meant to remain confidential, it can be inferred that WhiteBIT performed great in all tests.
