Q1 Web3 hacking and fraud losses total $464.5M

Losses from hacking and fraud in the Web3 market totaled $464.5 million in the first quarter. According to a report by blockchain security firm Hacken, phishing and social engineering attacks accounted for the largest portion of the 43 incidents, with damages amounting to $306 million. Exploits of smart contract vulnerabilities resulted in $86.2 million in losses, while key theft and cloud breaches caused another $71.9 million in damages.