“Crypto Audits Create False Security as Q3 Hacks Drain $1.18 Billion, Hacken Reports” — what this page in the network covers. The cryptocurrency industry lost a staggering $1.18 billion to hacks in the third quarter of 2024, despite widespread reliance on security audits, according to blockchain security firm Hacken. Their analysis reveals a troubling disconnect: 77% of these losses stemmed from compromised third-party suppliers, delayed vulnerability patches, or systems that fell outside the scope of recent security reviews. This means that even projects with fresh audit reports were not protected from the most damaging exploits.
The findings challenge the common belief that passing an audit is a guarantee of safety, exposing how attackers increasingly target weak links in the broader ecosystem rather than the audited code itself. For investors and developers, the report signals that current security practices are dangerously insufficient. This listing links straight to the original page, where the content is available in full.