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A recent <a href="https://www.beosin.com/resources/Q3_2023_Global_Web3_Security_Report,_AML_Analysis_&amp;amp;_Crypto_Regulatory_Landscape.pdf" rel="noopener noreferrer nofollow">report</a> by blockchain security firm Beosin has again spotlighted the state of security in crypto. Unfortunately, it&#39;s far from ideal. The crypto space continues to be a hotbed for hackers, resulting in staggering losses of nearly $889 million in the third quarter of 2023.During this past quarter, crypto investors faced losses totaling $889 million due to rug pulls, phishing schemes, and security breaches. Rug pulls alone accounted for losses of $282.96 million across 81 incidents, while phishing schemes added up to $66.15 million. However, the most devastating blow came from security breaches, with 43 crypto projects experiencing losses amounting to $540.16 million.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4b7adde82d8a415ca35a05fb7431f625.png" />These losses in Q3 nearly tripled the combined losses of Q1. Some of the most notable incidents during this quarter included:<ul><li>A massive $200 million breach of Mixin Network.</li><li>An exploit that cost Curve Finance $73 million.</li><li>A hack of a hot wallet holding HTX, resulting in losses of $8 million.</li></ul>DeFi projects were the hardest hit, with 67% of the breaches targeting this sector. However, others, such as blockchains, payment platforms, exchanges, casinos, and infrastructure, also suffered hacks.Despite DeFi being the primary target, public blockchains recorded the highest monetary losses during the quarter. This was mainly due to the massive breach of Mixin Network, which accounted for 37% of the total losses.Ethereum faced the most attacks this quarter, with 16 incidents. This isn&#39;t surprising given that Ethereum hosts thousands of smart contract-powered protocols, making it an attractive target for hackers. Other notable targets included BNB Chain, Arbitrum, BTC, and Base.What&#39;s particularly striking is that many of these attacks could have been prevented. Nearly half of the projects that were attacked hadn&#39;t undergone any security audits, and most of those targeted due to smart contract vulnerabilities had never been audited.This sobering reality underscores the critical importance of rigorous security audits and proactive vulnerability assessments. Crypto projects must prioritize security. We can&#39;t overemphasize how vital it is for investors to conduct thorough due diligence before using crypto platforms.Due diligence goes beyond just checking project teams and their social media presence. Investors should delve into intricate details such as a protocol&#39;s utility, tokenomics, legal aspects (like KYC-AML requirements and operational licenses), project roadmap, audit results, and <a href="https://defi-planet.com/2022/12/all-you-need-to-know-about-proof-of-reserves-could-it-have-prevented-the-ftx-crash/" rel="noopener noreferrer nofollow">Proof-of-Reserves</a> (especially for <a href="https://defi-planet.com/2022/04/what-are-custodial-and-non-custodial-crypto-wallets/" rel="noopener noreferrer nofollow">custodial platforms</a>), among other factors.Crypto asset recovery remains a significant challenge, with only 10% of stolen funds successfully recovered. This underlines an already obvious need for more effective mechanisms for asset recovery in the crypto space.Crypto undoubtedly holds immense potential, but to realize this promise, its security must be equally robust. Enhancing security audits, conducting proactive vulnerability assessments, and exploring more effective methods for crypto asset recovery are all critical steps in safeguarding the future of cryptocurrencies and blockchain technology.Catch up on our published articles for the week!NEWS● Fireblocks Set to Expand its Tokenization Capabilities With $10M Acquisition of BlockFold &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/fireblocks-set-to-expand-its-tokenization-capabilities-with-10m-acquisition-of-blockfold/" rel="noopener noreferrer nofollow"> Read more</a>.●  Authorities Arrest Four More Suspects in JPEX Crypto Exchange Fraud Case &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/authorities-arrest-four-more-suspects-in-jpex-crypto-exchange-fraud-case/" rel="noopener noreferrer nofollow"> Read more</a>.●  France, Singapore, and Switzerland Test Cross-Border CBDCs in Project Mariana &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/france-singapore-and-switzerland-test-cross-border-cbdcs-in-project-mariana/" rel="noopener noreferrer nofollow"> Read more</a>.●  Binance Asks Users to Convert Their EUR Balances to USDT After Paysafe Pullout &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/binance-asks-users-to-convert-their-eur-balances-to-usdt-after-paysafe-pullout/" rel="noopener noreferrer nofollow"> Read more</a>.●  Kraken Expands European Footprint with Licence Approvals in Spain and Ireland &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/kraken-expands-european-footprint-with-licence-approvals-in-spain-and-ireland/" rel="noopener noreferrer nofollow"> Read more</a>.●  Binance Exits the Russian Market, Returns to Full Operations in Belgium &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/binance-exits-the-russian-market-returns-to-full-operations-in-belgium/" rel="noopener noreferrer nofollow"> Read more</a>.●  Taiwan’s FSC Unveils Comprehensive Guidelines for Crypto Platforms &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/taiwans-fsc-unveils-comprehensive-guidelines-for-crypto-platforms/" rel="noopener noreferrer nofollow"> Read more</a>.●  Bitcoin Ordinals Creator Proposes “Runes” as Alternative to BRC-20 and Other Fungible Token Protocol &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/bitcoin-ordinals-creator-proposes-runes-as-alternative-to-brc-20-and-other-fungible-token-protocol/" rel="noopener noreferrer nofollow"> Read more</a>.●  50% of User Assets at Risk Following $200 Million Hack, Mixin Network Founder Reveals &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/50-of-user-assets-at-risk-following-200-million-hack-mixin-network-founder-reveals/" rel="noopener noreferrer nofollow"> Read more</a>.●  Huobi Marks 10th Anniversary with Major Rebranding, Now Known as HTX &gt;&gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/huobi-marks-10th-anniversary-with-major-rebranding-now-known-as-htx/" rel="noopener noreferrer nofollow"> Read more</a>.ARTICLES●  Introducing FightOut: A Revolutionary P2E Project That Gamifies the Fitness Lifestyle &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/introducing-fightout-a-revolutionary-p2e-project-that-gamifies-the-fitness-lifestyle/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Token Terminal: The New Powerhouse for Blockchain Financial Analysis &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/token-terminal-the-new-powerhouse-for-blockchain-financial-analysis/" rel="noopener noreferrer nofollow"> Learn more.</a>●  How To Attain Cryptocurrency Investment Literacy &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/how-to-attain-cryptocurrency-investment-literacy/" rel="noopener noreferrer nofollow"> Learn more</a>.●  DEX Review: A Complete Overview of Kine Protocol &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/dex-review-a-complete-overview-of-kine-protocol/" rel="noopener noreferrer nofollow"> Learn more</a>.●  Market Makers in Crypto Trading: The Good, The Bad, and The Ugly &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/market-makers-in-crypto-trading-the-good-the-bad-and-the-ugly/" rel="noopener noreferrer nofollow"> Learn more</a>.●  NFT Marketplaces: A Holistic Overview of the Blur NFT Ecosystem &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/nft-marketplaces-a-holistic-overview-of-the-blur-nft-ecosystem/" rel="noopener noreferrer nofollow"> Learn more</a>.●  All You Need to Know About Bakkt: Why it may be the Next Big Thing for Crypto? &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/all-you-need-to-know-about-bakkt-why-it-may-be-the-next-big-thing-for-crypto/" rel="noopener noreferrer nofollow"> Learn more</a>.●  RociFi: Bridging the Gap Between Blockchain and Traditional Finance for Smarter Lending &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/rocifi-bridging-the-gap-between-blockchain-and-traditional-finance-for-smarter-lending/" rel="noopener noreferrer nofollow"> Learn more</a>.●  Does Crypto Really Need the U.S.? &gt;&gt;&gt;<a href="https://defi-planet.com/2023/09/does-crypto-really-need-the-u-s/" rel="noopener noreferrer nofollow"> Learn more</a>.Spotlight on interesting projectsTezoro<a href="https://tezoro.io/" rel="noopener noreferrer nofollow">Tezoro</a> is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you&#39;ve already lost access to your wallet or died.Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.For more information, visit <a href="https://tezoro.io/" rel="noopener noreferrer nofollow">https://tezoro.io/</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/33b955609d644905aff7e3d937151d1d.jpeg" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #69 | Q3 2023 Highlights the Need for Better Crypto Security 🔐

DeFi Planet

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