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

  • In 2021, crypto scammer stole a record $ 14 billion, a 79% increase from last 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 thousands of cyberattacks related to cryptocurrencies will occur in 2021 and that of these, at least 40 have occurred.
  • severe consequences, causing 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 cybersecurity solution providers, alerted users to the remaining dangers of cryptocurrencies and provided recommendations for securing wallets. The concept of Bitcoin and Blockchain first appeared in 2008. Things have improved tremendously since then, especially with the introduction of Ethereum, non-fungible tokens (NFTs), the Metaverse and the Internet of Values.

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

Rapid change brings weaknesses

Cryptocurrency has grown rapidly. In just 15 years, the market for crypto assets has grown to more than $ 2 trillion. While the advances in innovation have been remarkable, the pace of progress has always opened the doors for violations. Over the past 12 months, Check Point Research (CPR) has discovered serious security vulnerabilities in major Web3 platforms such as OpenSea, Rarible and Everscale.

Leading to more technology, less security

Rapid innovation means new projects are emerging every day. The problem, however, is that there is not enough focus to ensure ongoing projects. The biggest danger here is that new frontiers, like the Metaverse, are built on uncertain foundations. In fact, security and privacy issues are the main fears holding back the growth of Metaverse.

Lack of security experts

According to the 2021 (ISC) Cybersecurity Workforce Study, there is a shortage of 2.72 million cybersecurity professionals worldwide, not including Web3 specialists. The same study showed 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 consider cryptocurrencies and the Metaverse.

According to Oded Vanunu, Head of Product Vulnerability Research at Check Point Software: Bitcoin Day is a great way to remind us to look back and review the technological milestones that have been reached in the blockchain. Today, with large tech companies investing in the Metaverse, the sophistication of blockchain technologies and active innovations is creating the new internet, the internet of Values. We stand at the dawn of a new era, the Metaverse era, and what the future looks like is interesting. Let’s wait now on how we can secure its future.

He continues: In the meantime, users should remain aware of the risks associated with cryptocurrency wallets and remain vigilant for suspicious activity that could lead to theft. Threat actors will continue to expand their efforts to hijack cryptocurrency wallets while taking advantage of system vulnerabilities, as we have already seen in 2022..

How to stay protected

Blockchain transactions cannot be changed. In the blockchain, unlike a bank, you cannot prevent a certificate from being stolen or dispute a transaction. If your wallet keys are stolen, your cryptocurrencies can easily fall prey to cybercriminals. This is the reason why the user should always be concerned about his safety. To prevent key theft, and as general security guidelines, CPR recommends:

  • Don’t open questionable links, especially if they come from an unknown source.
  • Keep updating its operating system, anti-virus software and cybersecurity software.
  • Do not download software and browser extensions from unverified sources.
  • Doubt if to receive requests to sign a link in a market.
  • Before approving a request, users should carefully review what is being requested, and determine if the request seems abnormal or suspicious for them.
  • If in doubt, users are advised to reject the request and further consider it before granting any kind of consent.
  • Users are also advised to review and revoke token permissions

Source: Check Point

And you?

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

See also:

95% of cybersecurity violations are due to human error, with various technologies such as the metaverse and blockchain creating even more vulnerabilities.

Qubit Finance got $ 80 million in crypto stolen and offered the hacker a $ 250,000 bounty in exchange for the stolen funds

After Norton, it’s Avira’s turn to offer a 500 million user base of cryptocurrency mining, some have already expressed their anger

Is the blockchain a dangerous nonsense? an analysis by Nicolas Lenz

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