Web3 Security Company Cyvers Releases DeFi Threat Detection Report

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Yoqneam, Israel, 25th January, 2023, Chainwire

Cyvers, a web3 security company founded by Deddy Lavid and Meir Dolev, has released a security report analyzing the major events, types of threats, and best practices for protecting 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 industry participants and regulators alike. The rapid evolution of financial technology in the space led to an increase in security vulnerabilities and a corresponding rise in hacking incidents.  Over $3.1 billion was lost by 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 total funds lost. Despite this, the industry also saw positive developments such as the successful Ethereum merge and increased institutional adoption.  

Cyvers’ report documents 61 of the most significant web3 hacks and provides industry participants with practical guidance for minimizing risk and protecting assets.  

Best practices identified by Cyvers for ensuring security in the web3 space include:  

Auditing is a widespread practice, but smart contract vulnerabilities are still the main source of exploitation. The average attack usually takes more than one hour to complete and 98% of all hacked protocols didn’t respond within the first hour. 

Cyvers CEO Deddy Lavid said: “This shows how important it is to have a solution for monitoring smart contracts