Crypto audits give investors false sense of security as Q3 hacks cost $1.18 billion, Hacken says
Source: CoinDesk ·
From the source
The security firm found that 77% of third-quarter losses involved compromised suppliers, delayed fixes or systems outside the latest security reviews. Crypto investors may be putting too much faith in security audits that fail to cover the systems hackers actually target, according to blockchain security firm Hacken. In a report released on Thursday , Hacken found that hackers stole $1.18 billion across 107 incidents during the third quarter, 55% more than in the previous quarter. Of that amount, $906.8 million was lost due to compromised suppliers or developer tools, publicly available security fixes that were not installed or components excluded from the most recent security review. "The problem is always scope." Andrii Matiukhin, co-founder and board director at the company, said in an interview with CoinDesk. "It's expensive to have enormous scopes of all components that interact with funds or influence economics, and teams cut corners, auditing only critical parts of the…
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