Web3 Hacks Predominantly Driven by Social Engineering in Q1, Reports Tiger Research

Social engineering was responsible for 74.7% of Web3 hacks in the first quarter of this year, according to NS3.AI. Tiger Research highlighted that the persistent thefts and low recovery rates, which remained below 10%, are eroding trust in the industry. The report underscores the need for enhanced security measures to address these vulnerabilities and restore confidence among stakeholders.