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NEW YORK–(BUSINESS WIRE)– CertiK, the global leader in blockchain and smart contract security, released its 2022 Web3 Security Report. The report offers expert insight into some of the most impactful trends and incidents of 2022, information 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 required for Web3 to deliver on its promise to build a freer and fairer system that offers real benefits over established industries.

“In addition to falling asset prices and the collapse of some of the largest centralized crypto organizations, 2022 was the worst year on record in terms of loss of value for Web3 protocols,” said Ronghui Gu, co-founder and director Certik executive. “Cryptocurrency losses due to hacks, exploits and scams in 2022 hit another all-time high of $3.7 billion, an increase of 189% from the previous 2021 record of $1.3 billion.”

The report reveals key industry statistics and takeaways for 2022:

• At $625 million, the Ronin bridge incident was Web3’s largest theft.

• The year’s nine separate bridge incidents accounted for just 1.5% of the total count, but accounted for more than a third of the lost value.

• The fact that Lazarus Group, affiliated with the North Korean government, was behind the Ronin attack highlights the level of sophistication facing Web3 developers.

• Exit scams continued to be a relatively low value but persistent threat, with more than $200 million lost to 316 of these scams.

• The importance of keeping private keys safe was painfully demonstrated in a series of high-profile incidents, many involving those who had used a third-party wallet-generating tool called Profanity.

• The number of Web3 projects that have secured their services with CertiK reached 5,046, an increase of 73% since the beginning of the year.

Download CertiK’s 2022 Web3 Security Report here.

About CertiK

CertiK is a pioneer in blockchain security, leveraging best-in-class AI technology and expert manual review to protect and monitor blockchain protocols and smart contracts. Founded in 2018 by professors from Yale University and Columbia University, CertiK protects the Web3 world by applying cutting-edge innovations from academia to the enterprise, enabling mission-critical applications to scale securely and remedially. .

View the source version at businesswire.com: https://www.businesswire.com/news/home/20230112005578/en/

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Source: CertiK