Yoqneam, Israel, January 25, 2023, Chainwire

Cyvers, a web3 security company founded by Deddy Lavid and Meir Dolev, has released a security report analyzing the main events, types of threats and best practices to protect assets in the DeFi space. The comprehensive report provides valuable insights for projects and organizations looking to securely participate in the web3 ecosystem.

The state of web3 security in 2022 was a major concern for both industry participants and regulators. The rapid evolution of financial technology in the space has led to an increase in security vulnerabilities and a corresponding increase in hacking incidents. More than $3.1 billion was lost to well-established projects and protocols.

The year saw a significant increase in both smart contract exploits and bridge hacks, with the former accounting for 50% of the total funds lost. Despite this, the industry also saw positive developments, such as the successful Ethereum merger and increased institutional adoption.

Cyvers’ report documents 61 of the most significant web3 attacks and provides industry participants with practical guidance to minimize risk and protect assets.

Best practices identified by Cyvers to ensure security in the web3 space include:

• Establishment of multiple signatures
• Periodic audits of smart contracts
• Real-time monitoring of smart contracts
• Implementation of Hack Prevention Solutions

Auditing is widespread practice, but smart contract vulnerabilities remain the number one source of exploitation. The average attack typically takes over an hour to complete and 98% of all hacked protocols did not respond within the first hour.

Cyvers CEO Deddy Lavid said: “This shows how important it is to have a solution for monitoring smart contracts that can provide security, ensuring preventative measures are put in place before the exploit occurs.”

The impact of these security incidents on the DeFi space cannot be underestimated as they tarnish its reputation and hinder its growth. The $3.1 billion figure only represents attacks on DeFi protocols and projects and excludes attacks on individuals and centralized exchanges.

Cyvers has developed a comprehensive platform to address these needs, providing real-time detection and proactive protection for the web3 space.

Web3 has seen significant growth and adoption in recent years, but with this growth comes increased security vulnerabilities. As the Web3 space continues to evolve, it is important to have a trusted partner like Cyvers to ensure the safety and protection of your assets.

Click here to see the full report

As the leader in web3 security, Cyvers, a company co-founded by Deddy Lavid and Meir Dolev, has a unique perspective on the current state of the industry. The report provides practical guidance for projects and organizations looking to navigate the rapidly changing world of web3, from identifying the most significant risks to implementing effective security measures. For more information about Cyvers and its services, visit www.cyvers.ai.

About Cyvers
Cyvers is a next-generation security company providing real-time detection and prevention of cryptographic attacks for web 3 and a decentralized economy.
Cyvers’ advanced AI-based platform and sophisticated machine learning identify patterns and detect anomalies in blockchains in real time for proactive mitigation.

Contact

marketing leader
ziv oz
Cyvers
ziv.o@cyvers.ai

Crypto News Flash does not endorse and is not responsible for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any action related to cryptocurrency. Crypto News Flash is not liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services.