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Immunefi: Traditional Web2 flaws account for 46% of crypto lost from exploits

Immunefi: Traditional Web2 flaws account for 46% of crypto lost from exploits

In a report that could make even the most seasoned crypto enthusiasts shudder, the security platform Immunefi has revealed the dark underbelly of the Web3 world. According to their findings, a staggering 46.48% of crypto lost from exploits in 2022 can be attributed to what they call “infrastructure weaknesses” or, in simpler terms, centralized elements. This means that while we may be living in the age of decentralization, it seems that old habits die hard.

But it doesn’t stop there. Immunefi’s report also shines a light on the vulnerabilities of Web2 security, which accounted for 26.56% of incidents. These leaked private keys and other security issues may not be as glamorous as smart contract flaws, but they still pose a significant threat to the crypto community.

To make matters worse, Immunefi’s report only considered attacks that occurred due to security vulnerabilities, excluding exit scams and market manipulations. This means that the numbers presented are just the tip of the iceberg, leaving us to wonder just how deep this rabbit hole goes.

In their analysis, Immunefi identified three broad categories of attacks. The first involves design flaws within smart contracts themselves, while the second focuses on flaws in the code implementing those designs. But it is the third category, “infrastructure weaknesses,” that truly sends chills down the spine. This refers to vulnerabilities within the very systems on which smart contracts operate, such as virtual machines and private keys. It’s like building a fortress with a weak foundation, leaving it vulnerable to attack.

Delving further into these infrastructure weaknesses, Immunefi highlights a range of potential causes. From employees leaking private keys to weak encryption methods and even storing sensitive information in plaintext, it becomes clear that the human element plays a significant role in these vulnerabilities. It’s a reminder that no matter how advanced our technology may become, we are still at the mercy of human error.

But it’s not just infrastructure weaknesses that are causing havoc in the Web3 world. Cryptographic issues, such as Merkle tree errors and predictable random number generation, accounted for 20.58% of losses in 2022. And let’s not forget about weak access control and input validation, which may only contribute 4.62% in terms of value but are responsible for a staggering 30.47% of all incidents.

In summary, here are the key points from Immunefi’s report:

– Nearly half of all crypto lost from Web3 exploits in 2022 can be attributed to infrastructure weaknesses or centralized elements.

– Web2 security issues, such as leaked private keys, accounted for 26.56% of incidents.

– Attacks fell into three broad categories: design flaws within smart contracts, flaws in the code implementing those designs, and infrastructure weaknesses.

– Infrastructure weaknesses were caused by factors such as leaked private keys, weak encryption methods, and storing sensitive information in plaintext.

– Cryptographic issues and weak access control/input validation also contributed to losses in the Web3 ecosystem.

It’s clear that the road to a secure Web3 future is paved with challenges. As we navigate this new frontier, it’s crucial that we address these vulnerabilities head-on and strive for a more resilient and decentralized ecosystem.

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