Blockaid: Year-to-Date Theft Losses Surge Near $1.5 Billion, Nearly 60% of Tokens in the Market Today are Malicious

The comprehensive data from Blockaid's State of the Chain dashboard reveals some shocking details that indicate more work has to be done

Blockaid, a Web3 security firm, has released its latest State of the Chain report, revealing some startling statistics on the state of security in the blockchain industry.

According to the report, onchain thieves have swiped a total of $1.47 billion so far this year, a significant increase from the previous year's losses. However, Blockaid's security measures were able to successfully prevent an impressive 71 million attacks during the same period.

The report also sheds light on the prevalence of malicious tokens in the market, with Blockaid's data indicating that nearly 60% of crypto tokens available today are classified as malicious. This leaves only 40.7% of tokens that are considered benign, meaning they pose no harm to investors.

The Blockaid team highlights that these statistics are a testament to the rapid growth of Web3, with more transactions being processed across chains, increased dApp usage, and the launch of new tokens. While scams remain a persistent issue, they are ultimately a symptom of this growth.

Despite the continuous attacks on various chains, Blockaid notes that the Web3 industry is collectively getting better at combating these threats. As the U.S. prepares for the entry of a new administration, further regulatory clarity is anticipated, which will contribute to the industry's efforts in bolstering its protective measures for investors and driving the sector's sustained growth.

For investors, especially those new to the blockchain space, it is imperative to conduct thorough research (DYOR) before investing in any tokens. Be wary of those that might appear appealing at first glance but could be harboring red flags, such as rug pulls or other scam-related activities linked to the coin.