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

Cryptocurrency wallet provider Trust Wallet has sent shivers down the spines of crypto holders, urging iPhone users to disable iMessage immediately. Their warning stems from alleged intel regarding a high-risk zero-day exploit that could grant hackers control of iPhones.
What is a Zero-Day Exploit?
A zero-day exploit is a cybersecurity nightmare. It refers to a security vulnerability in software that the software developer is unaware of. This creates a window of opportunity for attackers to exploit the flaw before a patch can be released. The term "zero-day" signifies that there are zero days for developers to fix the issue before it's potentially used in attacks.
Trust Wallet's Urgent Warning
Trust Wallet claims to have "credible intel" regarding a zero-day exploit targeting iMessage on the dark web. This exploit is particularly concerning because it reportedly allows attackers to compromise iPhones without any user interaction, such as clicking a malicious link. This makes it especially dangerous, as users wouldn't be aware they are being targeted.
Trust Wallet emphasizes that high-value targets, likely those with significant crypto holdings, are most at risk. They further allege the exploit is being sold for a staggering $2 million on the dark web, highlighting its potential potency.
Is Disabling iMessage Necessary?
While Trust Wallet's warning is alarming, some security experts remain cautious. They point out the lack of concrete evidence beyond a screenshot of the alleged exploit being offered for sale. Disabling iMessage entirely can be a major inconvenience for many users.
What Should You Do?
Here are some steps you can take to mitigate potential risk:
Stay Informed: Keep yourself updated on official announcements from Apple regarding any iMessage security vulnerabilities.Enable Two-Factor Authentication: This adds an extra layer of security to your crypto wallet and other online accounts, making it harder for hackers to gain access even if they obtain your login credentials.Consider Alternatives: If you're highly concerned, explore using alternative messaging apps that may not be vulnerable to the reported exploit. However, ensure the chosen app has a strong reputation for security.Practice Safe Online Habits: Always be cautious of unsolicited messages, even from seemingly known contacts. Don't click on suspicious links or download attachments from untrusted sources.
The Final Word
The situation is developing, and Apple has yet to officially comment on the alleged iMessage exploit. While disabling iMessage may seem drastic, the potential consequences for crypto holders are significant. By staying informed, practicing good online security habits, and considering alternative communication methods, you can take steps to safeguard your crypto assets.
#Attacks
#etf