the security risks associated with blockchain development and seven recommendations for securing user wallets, by Check Point Software

  • In 2021, crypto scammers stole a record $14 billion, a 79% increase from the previous year.
  • Over the past 12 months, Check Point Research (CPR) has discovered serious security vulnerabilities in major Web3 platforms such as OpenSea, Rarible and Everscale
    Check Point Research (CPR) estimates that there will be thousands of cryptocurrency-related cyberattacks in 2021, and as many as 40 of them.
  • serious consequences with losses ranging from 1 to 3 billion dollars.

On the occasion of Bitcoin Day 2022, Check Point Software Technologies Ltd., one of the world’s leading providers of cybersecurity solutions, warns users about the ongoing threats related to cryptocurrencies and provides recommendations on how to secure wallets. The concept of bitcoin and blockchain first appeared in 2008. Things have evolved significantly since then, most notably with the introduction of Ethereum, non-fungible tokens (NFTs), the Metaverse, and the Internet of Value.

Despite these advances, the risks for users remain significant. In fact, cryptocurrency scammers stole a record $14 billion in the last year alone. What are these risks? Why are these scammers so successful? And what can users do to protect themselves?

Rapid innovation creates vulnerabilities

Cryptocurrency is growing fast. In just 15 years, the crypto asset market has grown to over $2 trillion. While advances in innovation are remarkable, the pace of development often leaves doors open to disruption. Over the past 12 months, Check Point Research (CPR) has discovered serious security vulnerabilities in major Web3 platforms such as OpenSea, Rarible and Everscale

Prioritize more technology, less security

Rapid innovation means that new projects emerge every day. The problem, however, is that there isn’t enough focus to secure ongoing projects. The greatest danger is that new frontiers, like the Metaverse, will be built on shaky foundations. In fact, security and privacy issues are the main fears holding back development of the metaverse.

A shortage of security professionals

According to the Cybersecurity Workforce Study 2021 (ISC), there is a global shortage of 2.72 million cybersecurity professionals, not to mention those specializing in Web3. The same study shows that the global cybersecurity workforce needs to grow by 65% ​​to effectively protect organizations’ critical assets. This percentage is likely to increase significantly if we also include cryptocurrencies and the Metaverse.

According to Oded Vanunu, Head of Product Vulnerability Research at Check Point Software: Bitcoin Day is a good way to remind us to look back and review the technological milestones that blockchain has achieved. Today, as major tech companies invest in the Metaverse, the sophistication of blockchain technologies and active innovation are creating the new Internet, the Internet of Value. We are at the dawn of a new era, the era of the Metaverse, and what lies ahead looks intriguing. Now let’s see how we can secure his future.

He continues: In the meantime, users should be aware of the risks associated with cryptocurrency wallets and watch out for suspicious activity that could lead to theft. Threat actors will continue to expand their efforts to hijack cryptocurrency wallets while exploiting system vulnerabilities, as we saw back in 2022.

This is how you stay protected

Blockchain transactions are irreversible. In the blockchain, unlike a bank, you cannot block a theft certificate or dispute a transaction. If your wallet keys are stolen, your cryptocurrencies can become easy prey for cybercriminals. Because of this, the user has to constantly worry about his safety. To prevent key theft and as general security guidelines, CPR recommends:

  • Do not open suspicious links, especially if they come from an unknown source.
  • Continuously update the operating system, antivirus software, and cybersecurity software.
  • Do not download software and browser extensions from unverified sources.
  • Be suspicious when you receive requests to sign a link on a marketplace.
  • Before approving a request, users should carefully review what is being requested and determine if the request strikes them as unusual or suspicious.
  • If in doubt, users are advised to deny the request and investigate further before granting any type of approval.
  • Users are also advised to review and revoke token permissions

Source: Checkpoint

And you?

What do you think ?
What is your opinion on the current development of the blockchain?

See also:

95% of cybersecurity breaches are due to human error, with various technologies like metaverse and blockchain creating even more vulnerabilities

Qubit Finance gets $80 million worth of crypto stolen and offers hacker $250,000 bounty in exchange for stolen funds

After Norton, it’s Avira’s turn to offer cryptocurrency mining to its 500 million user base, with some already voicing anger

Is blockchain dangerous nonsense? an analysis by Nicolas Lenz

Leave a Comment

%d bloggers like this: