Immunefi Reports 46.5% of Funds Lost in Web3 Result From Traditional Web2 Security Issues
SINGAPORE , Nov. 15, 2023 (GLOBE NEWSWIRE) -- Immunefi, the leading bug bounty and security services platform for web3, has announced the release of its report The True Origin Of Hacks & Top Web3 Vulnerabilities. This report introduces the Vulnerability Classification Standard for Web3 and provides in-depth research on the root cause of the most damaging vulnerabilities.
The Vulnerability Classification Standard for Web3
The research revealed that the root causes of hacks fall into three clearly identifiable categories:
Immunefi has divided the three major domains of vulnerabilities into focused sub-domains. The full classification can be found here.
The Most Devastating Vulnerabilities
"Web3 projects are incredibly complex and can be attacked through multiple vectors”, said Mitchell Amador, CEO of Immunefi. “The standard methodology we developed highlights the fact that infrastructural issues remain a predominant category. While a smart contract itself can be well-designed, written, and tested, the infrastructure on top of which it operates can be compromised, and lead to tremendous losses.”
Immunefi is the largest and most widely adopted bug bounty platform in web3 which is trusted by established, multi-billion dollar projects like Chainlink, Wormhole, MakerDAO, TheGraph, Synthetix, and more. Immunefi has paid out the most significant bug bounties in the software industry, amounting to over $85 million, and has saved over $25 billion in user funds.
The full report and standard classification are available on Immunefi’s website. Immunefi periodically publishes a flagship industry report titled Crypto Losses. This report showcases the volume of crypto funds lost by the crypto community due to hacks and scams throughout the year. Recently, Immunefi published the Crypto Losses in Q3 2023 report. In addition, Immunefi released the Hacker Ecosystem Survey 2023, which is a survey of the whitehat community displaying the top challenges, interests, and motivations at play in the web3 security industry.
Immunefi is the leading bug bounty and security services platform for web3, which features the world’s largest bounties. Immunefi guards over $50 billion in user funds across projects like Synthetix, Chainlink, SushiSwap, Polygon, LayerZero, MakerDAO, TheGraph, Wormhole, Optimism, and others. The company has paid out the most significant bug bounties in the software industry, amounting to over $85 million, and has pioneered the scaling web3 bug bounties standard. For more information, please visit https://immunefi.com
jonah at immunefi.com
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