![]() ![]() Consider diversifying your wallets, especially if you have significant holdings. Users should keep their private keys and seed phrases secure and never disclose them. Not your keys, not your coins: Private keys allow users to access and manage their digital assets. ![]() If something appears too good to be true, it probably is. Users should narrow their investments to projects with transparent security assessments by reputable firms and a solid track record. Doing detailed research on projects and their teams before investing is the most repeated but often ignored way to stay safe from scams. So, what precautions can users take to defend themselves? Here are six tips to stay safe in Web3 in 2024, courtesy of Salus:ĭo your own research: Web3 is full of exciting opportunities but also many risks. The incident, caused by a compromised hot wallet private key, is suspected to be another mischief of the Lazarus Group. CoinEx, a global cryptocurrency exchange, lost $54.3 million to anomalous withdrawals from several hot wallet addresses.The bug enabled attackers to re-enter transactions, manipulating LP token prices and the drainage of the pool. The 0-day bug refers to the fact that the developer has only just learned about the exploit, meaning they have “zero days” to fix it. Curve Finance, a decentralized exchange that utilizes the Vyper programming language, experienced a $69.3 million loss from a 0-day compiler bug.A lawsuit underlining the platforms’ responsibility for known vulnerabilities resulted in legal consequences. Atomic Wallet said the incident did not exceed 1% of monthly active users. Atomic Wallet, a non-custodial crypto wallet, suffered a loss of over $100 million due to a breach orchestrated by the Lazarus Group.The perpetrators drained Poloniex’s hot wallets using compromised private keys, highlighting the vulnerability of such wallets. Cryptocurrency exchange Poloniex was hacked by the North Korean Lazarus Group, causing a loss of funds worth $126 million.The root cause remained unclear, casting doubt on Multichain’s security practices. Multichain, a cross-chain router for Web3, saw an unusual transfer of lockup assets to an unknown address, causing panic among users. ![]() The attackers' exploitation of this function led to bad debt and liquidation, causing the firm’s total value locked (TVL) to plummet. Euler Finance, a non-custodial DeFi protocol, lost $197 million due to a vulnerability in a crucial function, which allows Euler users to put funds into a reserved address.Here are some of the most damaging attacks the DeFi ecosystem witnessed in 2023: ![]() While access control issues, which resulted in the exploitation of Multichain, Poloniex, and Atomic Wallet, took the lion’s share with almost 40% of total losses, the rest of the list is somewhat evenly distributed between flash loan attacks, exit scams, oracle issues, and phishing. A Diverse Range of Hacks, Exploits, and ScamsĪlthough 2023 saw a substantial decrease in overall losses, partly due to the decreasing value of cryptocurrencies, the impact of several high-profile exploits shook the entire ecosystem.Īnother highlight of the report was the remarkable diversity of attacks targeting DeFi protocols. ![]()
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