Discover more from Fairyproof Official Newsletter
[PRESS RELEASE] Fairyproof Releases Review of Blockchain Security in Q3 2022
Pioneering Blockchain Security Company Presents Report on Blockchain Security for Third Quarter of Year 2022
Singapore, November 09, 2022 – Singapore and China-based pioneering blockchain security company Fairyproof released the quarterly Review of Blockchain Security in Q3 2022 (Hereafter referred to as “Report”). The Report showed data gathered from July 2022 to September 2022 and presented a total of 103 publicly reported blockchain security incidents along with statistics and analysis based on targets who have suffered, and their root causes.
The Report revealed the total value of exploited assets within the third quarter of the year to be US$436.42 million, further indicating cross-chain bridges to be the most prominent targets for cyber attacks accounting around 43% of the total exploited amount. The Report also presented evidence of dApps (89 out of 103 cases) to be primary targets carried out prominently by hackers (Accounting for 97% of all perpetrators among all incidents).
“Hackers have shifted their focus to cross-chain bridges during this third quarter of the year. The biggest pain-point of all existing-chain bridges is their reliance on off-chain centralized parties to monitor and schedule transactions. These parties are the weakest link in the systems.” says Fairyproof CEO Mr. Tan Yuefei. “Fairyproof is currently exploring this rising threat and are working with multiple innovative MPC teams to develop security solutions to address this pain-point.”.
Additionally, the Report also details flashloans to be the leading MO for hackers to initiate cyber-attacks followed by leveraging on logic vulnerabilities, with half of all attacks accounting for flashloans, and around 11.11% for logic vulnerabilities respectively.
Finally, the Report called for Blockchain Developers and Users to exercise some Best Practices to Prevent Security Issues. In summary, and not exhaustively:
For Blockchain Developers: Pay closer attention to bridges’ security as cross-chain transactions become increasingly popular. Awareness of security for layer 2 solutions should also increase.
For Blockchain Users: Investigate cross-chain bridges’ security conditions and ensure they use a reliable, safe, and secure bridge as the demand for cross-chain transactions are rapidly increasing, making them popular targets among hackers.
Mr Tan concludes on the crypto security domain, “Overall, the crypto market is still not optimistic through the third quarter. Attacks against the crypto ecosystem are still a constant. It is always good to exercise vigilance, resilience, and best practices to our greatest extent through these trying times. Prevention is always better than cure.”.
To read the Review of Blockchain Security in Q3 2022, click here.
Fairyproof is a pioneering blockchain security company established in 2021 with the slogan “Make IT a Safer Place”. They have been actively developing blockchain security solutions and Ethereum standards, and have meaningfully contributed to established Web3.0 projects like Ethereum, BNB Chain, and HECO.
For more information, consult the following channels:
Social Media Manager
+65 9663 5630