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

  • In 2021, crypto fraudsters stole a record $ 14 billion, an increase of 79% 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 thousands of cyberattacks related to cryptocurrencies occurred in 2021, and that of these, no less than 40 occurred.
  • serious consequences, causing losses of between $ 1 and $ 3 billion.

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 persistent dangers of cryptocurrencies and makes recommendations for securing wallets. The concept of Bitcoin and Blockchain first appeared in 2008. Things have evolved significantly since then, especially with the introduction of Ethereum, non-fungible tokens (NFTs), Metaverse and the value internet.

Despite these advances, the risks to users are still significant. In fact, cryptocurrency scammers in the last year alone stole 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 fast. In just 15 years, the cryptocurrency market has grown to over $ 2 trillion. While advances in innovation are remarkable, the pace of development often leaves doors open for breakthroughs. Over the past 12 months, Check Point Research (CPR) has discovered serious security vulnerabilities in major Web3 platforms such as OpenSea, Rarible and Everscale

Prioritizes more technology, less security

Rapid innovation means that new projects appear daily. The problem, however, is that there is not enough focus to ensure ongoing projects. The biggest danger here is that new frontiers, like Metaverse, are built on uncertain foundations. In fact, security and privacy issues are the primary fears holding back the development 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 to mention those who specialize in Web3. The same study indicates 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 consider cryptocurrencies and 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 reached by blockchain. Today, with large technology companies investing in Metaverse, the sophistication of blockchain technologies and active innovations is creating the new Internet, the Internet of Values. We are at the beginning of a new era, the Metaverse era, and what lies ahead looks fascinating. Let us now wait and see how we secure its future.

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

How to stay protected

Blockchain transactions are irreversible. In blockchain, unlike a bank, you can not block a theft certificate or dispute a transaction. If your wallet is stolen, your cryptocurrencies could become an easy prey for cybercriminals. This is why 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.
  • Constantly update its operating system, antivirus software, and cybersecurity software.
  • Do not download software and browser extensions from unconfirmed sources.
  • Be suspicious when you receive requests to sign a link in a marketplace.
  • Before approving a request, users should carefully review what is being requested and determine if the request seems abnormal or suspicious to them.
  • If in doubt, users are advised to reject the request and consider it further before granting any kind of permission.
  • 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 development of blockchain?

Also see:

95% of cybersecurity breaches are due to human error, where various technologies such as metaverse and blockchain create even more vulnerabilities

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

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

Is blockchain a dangerous nonsense? an analysis by Nicolas Lenz

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