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Even though these numbers sound huge, losses actually dropped compared to last year's Bybit phishing disaster ($1.46 billion).
But there's a catch: smart contract vulnerability losses shot up by 213%, and access control failures cost another $71.9 million, including an incident where Resolv Labs's compromised keys led to millions in fake tokens.
Hacken's CEO Yev Broshevan says it's time for Web3 platforms to treat security as an ongoing priority, not just a one-off fix.