In the past few years, the Web3 sector has suffered substantial financial damage due to security lapses, with billions lost from cryptocurrency platforms. According to areport, in 2022, crypto theft totalled US$3.7 billion. In 2023, while the amount of stolen funds fell roughly to US$1.7 billion, there’s an increase in hacking events, rising from 219 in 2022 to 231 in 2023.