Security

Gate Research: In March 2025, the Web3 industry experienced eight security incidents, resulting in total losses of $14.43 million—a significant decrease compared to the previous month. The majority of attacks involved smart contract vulnerabilities and account compromises, accounting for 62.5% of all crypto-related incidents during the period. Major cases included a $5 million exploit targeting 1inch (with 90% of the stolen funds recovered) and two separate attacks on Zoth involving a contract flaw and a private key leakage, leading to combined losses of $8.575 million. In terms of blockchain distribution, only one project this month reported losses on the public blockchain BSC.

This research delves into the current state of hacking attacks and presents a detailed analysis of their multifaceted impact on the crypto market, based on several major cryptocurrency hacking incidents. The analysis examines both direct and indirect effects, including market volatility and changes in investor behavior. The research highlights potential risks that the crypto market faces and explores possible strategies for mitigating these risks in the future.

Gate Research report indicates: In February 2025, the Web3 industry experienced 15 security incidents with total losses of $1.676 billion—a significant increase from the previous month. These incidents primarily involved contract vulnerabilities and account hacks, accounting for 53.3% of total losses in the crypto industry. Most losses occurred on the BSC blockchain. Major incidents included the Bybit exchange wallet theft, Infini's lack of strict permission controls, and ionic falling victim to a social engineering attack.

Gate Research's report points out that in January 2025, the Web3 industry experienced 40 security incidents, resulting in approximately $87.94 million in losses, a significant increase compared to the previous month. Account breaches were the primary threat, accounting for 52% of the total losses. Major incidents included a hacker attack on the Phemex exchange, a significant security vulnerability affecting NoOnes, and a private key leak at Moby. These incidents exposed key risks in smart contracts and cross-chain protocols, highlighting the need for stronger contract audits, the introduction of real-time monitoring, and multi-layered defense mechanisms to improve platform security and enhance user trust.

This report provides an in-depth analysis of the current state and trends in cryptocurrency security in 2024. We will review major security incidents from this year, analyzing attackers' common methods, targets, and resulting losses. We will also examine historical case studies and draw lessons from them. Furthermore, the article looks ahead to future challenges and opportunities in cryptocurrency security, and explores how regulatory authorities and industry participants can work together to address these challenges and build a more secure and reliable cryptocurrency ecosystem.

Gate Research's report states that in December 2024, the Web3 industry experienced 27 security incidents, resulting in a loss of approximately $4.11 million, a decrease from the previous month. However, contract vulnerabilities remain the primary threat, accounting for 72% of the total losses. Major incidents included the FEG cross-chain vulnerability, Clober DEX liquidity vault attack, Vestra DAO staking contract exploit, Clipper DEX single-asset withdrawal vulnerability, and the HarryPotterObamaSonic10Inu flash loan attack. These events exposed key risks in smart contracts and cross-chain protocols, emphasizing the need for enhanced contract audits, the introduction of real-time monitoring, and multi-layered protection mechanisms to improve platform security and increase user trust.