Nearly Half of Web3 Ecosystem Security Incidents Caused by Traditional Web2 Security Issues

Immunefi, the blockchain security platform, has released a new report revealing that nearly half of all

cryptocurrency

losses caused by Web3 vulnerabilities in 2022 were due to Web2 security issues, such as private key leaks. The report reviewed cryptocurrency exploitation events in 2022 and categorized them into different types of vulnerabilities. The conclusion of the report is that the Web3 ecosystem incurred a total loss of $3,948,856,037 in funds in 2022, including both hacking attacks and suspected fraud events. Among these losses, 46.48% were not due to smart contract defects but rather stemmed from “infrastructure defects” or issues with the computer systems of development companies. While Web2 vulnerabilities accounted for only 26.56% of the total events by quantity, they still constituted the second-largest category.