$1.73B Lost to Weak Access Control & CeFi Losses Doubled in 2024, New Study by QuillAudits
Dubai, United Arab Emirates, January 27th, 2025, Chainwire
QuillAudits, a leading blockchain security firm, published its latest annual report, Breaking Rugs: The State of Web3 Security in 2024.
The report reveals concerning trends in the blockchain industry, highlighting $2.1 billion in losses due to hacks, scams, and vulnerabilities. Of this, a significant $1.63 billion $1.63 billion (78% of the entire loss in crypto in 2024) was linked to weak access control mechanisms as mentioned in their blog analysis.
Titled Breaking Rugs: The State of Web3 Security in 2024, the report outlines the significant challenges and disruptions that impacted the crypto industry over the past year.
The study sheds light on the vulnerabilities plaguing the crypto ecosystem:
- May 2024 emerged as the worst month, with $350 million lost across 17 incidents.
- Ethereum led in both the number of incidents (100) and total losses ($465 million).
- Solana witnessed a rise in rug pulls, driven by scams on platforms like pump.fun.
- Gaming and metaverse platforms accounted for 17% of total losses.
- While DeFi losses dropped by 39%, CeFi losses more than doubled, reflecting ongoing challenges in centralized finance.
Amid the challenging landscape, QuillAudits maintained its 0-hack streak, completing over 160 major audits across EVM chains, StarkNet, and beyond.
The firm focused heavily on key ecosystems, including:
- 40+ audits in the Ethereum ecosystem.
- 50+ audits across other EVM-compatible chains.
- 10+ audits for Solana-based projects.
In addition to audits, QuillAudits expanded its suite of services, introducing KYC audits, red teaming, Sway audits, blockchain forensics, and incident response, NFT due diligence, pen-testing as a service, and Eigenlayer AVS audits.
The team also introduced innovations like QuillShield, an AI-driven platform designed to sniff out vulnerabilities before hackers can. Their plans for the QuillAI Network, which leverages Eigenlayer AVS, aim to advance decentralized AI for Web3 security, potentially shaping the future of the industry.
The report provides an in-depth analysis of evolving trends and their implications for the future of blockchain security, moving beyond simply recounting recent challenges. Geared toward developers, investors, and observers of the blockchain space, it offers valuable insights into navigating the risks and complexities of the crypto industry.
In an ever-changing landscape, understanding these trends is essential for informed decision-making. The report serves as a resource for staying updated on the state of blockchain security.
About QuillAudits
QuillAudits is a leading blockchain security firm, having conducted audits for prominent projects like Taiko, Metis, and Polygon and partnering with leading platforms such as Base and ZetaChain. With a reputation backed by 50+ exchange recognitions.
Offering a comprehensive suite of services, QuillAudits goes beyond traditional audits, providing customized solutions, cutting-edge tools, and post-audit support. Their blockchain-agnostic approach ensures that projects across diverse ecosystems receive best-in-class security measures.
Recognized as a key player in enhancing trust and reliability in the Web3 ecosystem, QuillAudits continues to empower projects to navigate the complexities of blockchain technology with confidence.