Web3 losses in May achieve $ 302 million: 17% decline compared to April, while programming errors $ 229.6 million-an increase of 4,483%.

Web3 losses in May achieve $ 302 million: 17% decline compared to April, while programming errors $ 229.6 million-an increase of 4,483%.

web3 loss in May 2023: A look back at the developments and challenges

According to the current report from Certik on Web3 losses, the damage in May was $ 302 million, which represents a decrease of 17 % compared to April. Despite this positive development in relation to the total losses, the data show that code errors are responsible for a significant part of these losses. In particular, defects in the code have led to losses of $ 229.6 million, which corresponds to an alarming increase of 4,483 % compared to the previous months

This dramatic increase in losses caused by code errors is a serious challenge for the Web3 community. The increase in such errors could potentially undermine trust in decentralized applications and smart contracts, which form the backbone of many web3 projects.

The knowledge from May illustrate the need for an increased examination and security audits from code to identify and remedy weaknesses. The trend is particularly noteworthy that technical defects not only endanger the financial stability of individual projects, but also affect the entire Ecosystem Web3.

Finally, it can be said that it is essential for developers and companies in the web3 sector to introduce robust security measures and quality controls in order to minimize future losses through code errors and to regain the trust of users.