- In 2021, crypto scammers stole a record $14 billion, up 79% from the previous year.
- In the past 12 months, Check Point Research (CPR) has uncovered serious security vulnerabilities in major Web3 platforms such as OpenSea, Rarible, and Everscale
Check Point Research (CPR) estimates that by 2021 there will be thousands of cyberattacks related to cryptocurrencies and as many as 40 of these have occurred.
- serious consequences, resulting in losses of 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, is warning users of the lingering dangers related to cryptocurrencies and makes recommendations for securing wallets. The concept of Bitcoin and Blockchain first appeared in 2008. Since then, things have evolved considerably, most notably with the introduction of Ethereum, non-fungible tokens (NFTs), the Metaverse, and the Internet of Values.
Despite these advances, the risks to users remain significant. Indeed, in the past year alone, cryptocurrency scammers have stolen a record $14 billion. What are these risks? Why are these scammers so successful? And what can users do to protect themselves?
Rapid innovation leads to vulnerabilities
Cryptocurrency is growing rapidly. In just 15 years, the crypto asset market has grown to over $2 trillion. While the progress in innovation is remarkable, the pace of development often leaves doors open for breaches. In the past 12 months, Check Point Research (CPR) has uncovered serious security vulnerabilities in major Web3 platforms such as OpenSea, Rarible, and Everscale
Prioritizes more technology, less security
Rapid innovation means that new projects are added every day. The problem, however, is that there is insufficient focus to secure ongoing projects. The greatest danger here is that new frontiers, such as the Metaverse, will be built on precarious foundations. In fact, security and privacy issues are the main fears holding back the development of the Metaverse.
A shortage of security experts
According to the 2021 (ISC) Cybersecurity Workforce Study, there is a shortage of 2.72 million cybersecurity professionals worldwide, not to mention those who specialize in Web3. The same research shows that the global cybersecurity workforce needs to grow by 65% to effectively defend organizations’ critical assets. This percentage is likely to increase significantly if we also take cryptocurrencies and the Metaverse into account.
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 achieved by blockchain. Today, with major tech companies investing in the Metaverse, the sophistication of blockchain technologies and active innovations are creating the new internet, the internet of values. We are at the dawn of a new era, the era of the Metaverse, and what lies ahead looks fascinating. Now let’s wait and see how we can ensure its future†
He stays: 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 exploiting system vulnerabilities, as we have seen as far back as 2022†
How do you stay protected?
Blockchain transactions are irreversible. In blockchain, unlike a bank, you cannot block a theft certificate or dispute a transaction. If your wallet keys are stolen, your cryptocurrencies could become easy prey for cyber criminals. Therefore, the user must constantly worry about his safety. To prevent key theft and as general safety guidelines, CPR recommends the following:
- 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 receiving requests to sign a link on a marketplace.
- Before approving a request, users should carefully consider what is being requested and determine if the request seems abnormal or suspicious to them.
- When in doubt, users are advised to decline the request and consider further before granting any kind of consent.
- Users are also advised to review and revoke token permissions
Source: Check Point
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