Web3 Security Crisis: Multisig Flaws Fuel $2B Crypto Heist Spree in H1 2025

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Author:

Coindesk

Release Time:

2025-07-24 11:53:18

Multisig Failures Dominate as $2B Is Lost in Web3 Hacks in the First Half

Hackers just cashed a $2B check—and Web3's favorite security feature signed it.

Multisig wallets—the darlings of decentralized security—are failing at catastrophic scale. While the crypto world obsessed over ETF flows and memecoin pumps, attackers quietly exploited the very systems designed to protect digital fortunes.

The irony? These breaches aren't sophisticated zero-days. Most stem from shockingly basic implementation errors—like a bank vault with a combination lock set to 1-2-3.

Meanwhile, TradFi quants are having a field day. 'Risk management? Never heard of her,' joked one hedge fund analyst between sips of a $28 oat milk latte.

One truth emerges from the wreckage: in crypto, you're either paranoid or you're prey.

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