According to a report by Cyvers, bad actors stole around $2.3 billion from web3 projects in 2024, with Ethereum being the most targeted blockchain, accounting for 51% of the total losses. BNB Chain, Bitcoin, XRP, and Arbitrum were also targeted, with each accounting for smaller percentages of the losses. Access control failures, including weak authentication and permission mechanisms, contributed to 81% of the funds lost, while smart contract vulnerabilities accounted for 19%. The top three largest web3 hacks of 2024 involved vulnerabilities in access control mechanisms. Losses grew throughout the year, with Q3 being the most damaging. Recovery efforts were mixed, with larger amounts reclaimed in the first half of the year compared to the second half. The report urged for the standardization of monitoring and vulnerability testing and recommended the use of AI-powered detection mechanisms to combat these threats.



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