SecurityCertiK Releases Web3 Security Report 2022

BusinessWire BusinessWireJanuary 13, 20234 min

CertiK, the global leader in smart contract and blockchain security, released its 2022 Web3 Security report. The report offers expert insight into some of the most impactful trends and incidents of 2022, insights on centralized crypto organizations and decentralized blockchain technology, and some of the major bad actors in the Web3 world. The report also details the industry-wide changes that will be needed for Web3 to deliver on its promise of building a freer, fairer system that offers real benefits over incumbent industries.

“In addition to falling asset prices and the collapse of some of crypto’s largest centralized organizations, 2022 was the worst year on record in terms of value lost from Web3 protocols,” said Ronghui Gu, co-founder and CEO of CertiK. “Cryptocurrency losses due to hacks, exploits, and scams in 2022 reached another all-time high of $3.7 billion – a 189% increase over 2021’s previous record of $1.3 billion.”

The report reveals the top industry statistics and takeaways of 2022:

  • At $625 million, the Ronin bridge incident was the largest ever Web3 heist.
  • The year’s nine separate bridge incidents represented just 1.5% of the total tally, but accounted for over a third of value lost.
  • The fact that the North Korean government-affiliated Lazarus Group was behind the Ronin attack highlights the level of sophistication that Web3 builders are up against.
  • Exit scams continued to be a relatively low value but persistent threat, with more than $200 million lost to 316 such scams.
  • The importance of keeping private keys secure was painfully demonstrated in a number of high-value incidents, many affecting those who had used a third-party wallet generator tool called Profanity.
  • The number of Web3 projects to have secured their services with CertiK reached 5,046 – a 73% increase from the beginning of the year.

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