The first quarter of 2024 witnessed a significant surge in cyber threats within the Web3 ecosystem, with staggering losses totaling $739.7 million, according to a report by Cyvers.

Code vulnerabilities and access control breaches emerged as the most prevalent and costly attack vectors, highlighting the urgent need for enhanced security measures.

Despite advancements in AI-driven security solutions, the escalating sophistication of cyber threats poses formidable challenges to the resilience of Web3 platforms.

Regulatory bodies are intensifying efforts to fortify digital asset regulations, aiming to safeguard investors and ensure the orderly functioning of markets amidst evolving security landscapes.

To bolster Web3 security, stakeholders are advised to prioritise smart contract audits, incident response planning, continuous education, and the adoption of secure wallet practices.