šØ The Rise of Web3 Scams ā A Growing Threat
CertiK, a leading blockchain security firm, released its May 2025 Security Report, revealing that over $302 million was lost across Web3 due to scams, hacks, and exploits.
āļø Code vulnerabilities accounted for $229.6 million in losses, marking a 4,483% increase from April.
āļø Phishing scams dropped significantly, but still caused $47.6 million in damages.
āļø DeFi platforms remained the most targeted sector, losing over $241 million in May alone.
The numbers show a disturbing trendācrypto crime is evolving, and hackers are getting smarter.
š° The Scams ā How Hackers Exploited Web3
šØ Code vulnerabilities surged, making them the biggest attack vector in May.
šØ Private key compromises led to $11.6 million in losses, proving that personal security is still a weak point.
šØ Price manipulation attacks drained $1 million, showing how market exploits remain a threat.
For years, Web3 security was focused on preventing phishing scams, but now, code vulnerabilities are the biggest danger.
š„ The Exposure ā The Scale of Web3 Fraud
āļø CertiKās report highlights the urgent need for better security audits, as flawed code led to massive losses.
āļø Social engineering scams accounted for $35.5 million, proving that human error is still a major risk.
āļø Exchanges and wallet drainers lost $11.1 million and $8.5 million, showing that centralized platforms are still vulnerable.
The crypto industry must adapt fast, or hackers will continue to exploit weaknesses.
āļø The Aftermath ā A Warning for Crypto Investors
šØ Web3 security must evolve, as traditional defenses are no longer enough.
šØ Investors must be cautious, as new attack vectors emerge every month.
šØ Regulators are pushing for stricter security measures, aiming to prevent future losses.
The CertiK report isnāt just another security updateāitās a wake-up call for the entire crypto industry.
š® Lessons Learned ā Can Web3 Ever Be Truly Safe?
šØ Smart contract audits are essentialāflawed code is now the biggest risk.
šØ Self-custody is keyāprivate key security must be a top priority.
šØ Stay aware of emerging threatsācrypto crime is evolving fast.
The story of Web3 scams isnāt just a cautionary taleāitās a reminder that cryptoās greatest strength can also be its greatest weakness.
#Web3Scams #CertiKReport #CryptoSecurity #CryptoHistory #Write2Earn šš„