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New technology creates new risks. Since then electronic money became famous after its release Bitcoin In 2008, cybercriminals were looking for ways to separate users from their hard earned money. Now as Web3 As the ecosystem grows, fraud is becoming an even bigger threat.
Today, Web3 . Bug Bounty Provider immune published new research calculating that $3,160,153,849 in crypto was lost across the Web3 ecosystem to hacks and scams by 2022. The report also found the two most targeted targets. blockchain last year was BNB Chain and Ethereumwith 65 and 49 unique Guard each incident.
The good news is that while crypto fraud in the space is still commonplace, overall losses are down 60.9% from the 2021 total of $8,088,338,239.
In any case, this latest research highlights that organizations interacting with the Web3 ecosystem need to implement a highly developed security strategy to address these new threats, or else they are at risk. expose your data.
Web3 and the threat of ‘novel’ attacks
Reports come as Researchers predicts the Web3 market to grow from $3.2 billion in 2021 to $81.5 billion in 2030, growing at a compound annual growth rate of 43.7%.
Surely, as the value of this market increases, more and more cybercriminals will invent new scams and threats to try to take advantage of its popularity and steal users’ funds. . This poses new challenges, as the nature of these attacks in the digital space will not be the same as those faced in the traditional Web2 realm.
“Web3 is still a whole new world, full of unknown paths,” said Mitchell Amador, founder and CEO of Immunefi. “That novelty, by definition, brings a level of inexperience and danger to the game. Furthermore, due to the nature of the Web3 ecosystem, where smart contract code holds a huge amount of capital, the environment becomes much more unfavorable than traditional Web2 applications.”
New users finding their feet and testing Web3 solutions are also vulnerable to emerging scams.
“In Web3, users are still adjusting to the technology, and many don’t even know how to use wallets and sign transactions properly,” said Amador. “With all the new projects and technologies coming out this week, it’s no surprise that the bad guys can exploit the inexperience and naivety of new users.”
As a result, Amador recommends that CISOs and security leaders who interact with these technologies invest in security education — not only about phishing threats, but also how to use the infrastructure. tiers such as wallets, private keys, and public applications. DeFi applications.
Going forward, leaders and researchers in the field have an important role to play in supporting users and keeping them up to date on the techniques scammers are using to steal their data. .
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