Over the past several years, there has been a rapid emergence of companies, projects, and initiatives in what is broadly categorized as Web3. While monitoring that rapid innovation, the OODA research team has noticed a disproportionately high number of cybersecurity incidents that have the potential to negatively impact the Web3 innovation ecosystem, disrupt customer adoption of these technologies, and result in consumer and enterprise monetary losses.
OODA has compiled a Web3 incident database based on our research to categorize what compromises are taking place as well as document the cyberattack root causes. Tracking root causes provides insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks.
At the time of this post this database is tracking over $71 Billion Dollars worth of cryptocurrency related incidents.
$4.7B Billion Dollars worth of incidents occurred in the last 12 months alone.
Conclusions from analysis over this dataset are already informing our research and reporting on cryptocurrency and Web3 activity. Conclusions are also informing our judgement when it comes to recommendations for risk reduction in the Web3 domain. It is clear from the data that developers and leaders of Web3 projects, including DeFi applications, need to leverage best practices for protection of infrastructure, have contracts and code independently analyzed, protect against insider attacks, and evaluate overall posture through use of independent assessments and “Red Team” type techniques.
We have made this database available to all OODA members in a form that enables a high level overview by root cause and an ability to browse, search and conduct analysis leveraging the entire data set.
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Members can access at: Cryptocurrency Incident Database