Crypto News

Beosin Report Reveals $1.54 Billion In Web3 Losses In H1 2024

A recent report from Beosin has shed light on the state of Web3 security, revealing significant losses in the first half of 2024.

According to the “2024 H1 Global Web3 Security Report, AML Analysis & Crypto Regulatory Landscape,” the total losses in Web3 reached a staggering $1.54 billion.

The report detailed 78 major attacks resulting in approximately $1.19 billion in losses. Additionally, there were 64 rug pulls that led to around $119 million in losses, and phishing scams contributed to a further $232 million in losses.

78 Attacks In The Web3 Space In Just First Half Of 2024 Resulted In $1.19 Billion Losses

Beosin Alert monitored 78 attacks in the Web3 space during the first half of 2024, with total losses of $1.19 billion. Among these incidents, three security breaches resulted in losses exceeding $100 million, and 15 incidents had losses ranging from $10 million to $100 million.

Centralized Exchanges (CEXs) were the hardest hit, suffering the highest losses in the first half of 2024. Four attacks targeting CEXs resulted in a total loss of approximately $392 million, accounting for 32.8% of all attack-related losses.

Ethereum remained the most targeted blockchain, similar to 2023. The first half of 2024 saw 32 attack incidents on Ethereum, causing $470 million in losses and accounting for 39.4% of the total losses.

This report highlights the persistent and evolving challenges in Web3 security. With centralized exchanges and Ethereum being major targets, the need for robust security measures and regulatory frameworks is more critical than ever. As the Web3 landscape continues to grow, addressing these security vulnerabilities will be essential to protect users and maintain trust in the ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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