Imagine that you are checking your social media, and see that one of your favourite influencers has shared a link for minting free NFTs… What do you do next, do you just click on it, or wait for more details? This happened to hundreds of users at the beginning of the month – and while they didn’t get the promised free NFT, they did lost dozens of their own NFTs to scammers. The case illustrates just one of the risks that are out there in the Web3 realm right now and the state of its security. Thanks to the use of decentralization and blockchain, Web3 is expected to create a new fundamental step in the development of the Internet – but the implementation of these technologies also leads to emerging risks and new types of cyber attacks. And cybercriminals that are looking to capitalize on such developments have been coming up with new ways of compromising the various products and services used in the Web3 space, such as smart contracts, cryptocurrencies or NFTs. In 2021, protocol attacks and hacks in the domain caused damages worth more than $2 billion, a report from US blockchain analysis company Chainalysis showed. According to intelligence analyst Michael Lambert, there already is a fragmentation in the Web3 security which can give a new dimension to the existing chasm that is present in cyberspace.
Full opinion : Web3 is Meant to Be More Secure, But Can It Handle Sophisticated Cyber Threats?
