AI · CoinDesk
Crypto audits give investors false sense of security as Q3 hacks cost $1.18 billion, Hacken says
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Crypto investors may be putting too much faith in security audits that fail to cover the systems hackers target, according to blockchain security firm Hacken.
Key facts
- Other attacks walked off with $319 million at Liquid Network, at least $75 million at Tectonic, and roughly $114 million at Coldcard wallet software
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- In a report released on Thursday, Hacken found that hackers stole $1.18 billion across 107 incidents during the third quarter, 55% more than in the previous quarter
- Hacken also examined 12 derivatives exchanges and prediction markets and found that more than $700 million in secure assets at two major venues depended on a four-key signing arrangement requiring
Summary
Hackers stole $1.18 billion from crypto projects in the third quarter, up 55% from the previous quarter, according to blockchain security firm Hacken. About $900 million in losses stemmed from compromised suppliers or developer tools, uninstalled security fixes or components excluded from security reviews. Hacken warned that audit badges can give investors a false sense of security because reviews often omit wallets, signing systems and third-party software that attackers target. In a report released on Thursday, Hacken found that hackers stole $1.18 billion across 107 incidents during the third quarter, 55% more than in the previous quarter.