All Crypto Security, Blockchain Security Posts
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Post-Quantum
Quantum Computing Risks to Cryptocurrencies – Bitcoin, Ethereum, and Beyond
Cryptocurrencies like Bitcoin and Ethereum derive their security from cryptographic algorithms – mathematical puzzles that are practically impossible for classical computers to solve in any reasonable time. However, the emergence of quantum computing threatens this security assumption. Unlike classical machines, quantum computers leverage quantum mechanics to perform certain computations exponentially faster, potentially breaking the cryptographic foundations of blockchain systems. While quantum computers remain in their…
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Crypto Security
Mapping Dark Web SIM Swapping Economy
In the U.S. alone, SIM-swapping attacks resulted in $72 million worth of losses last year, four-million dollars more than 2021, according to the Federal Bureau of Investigation. In a 2022 public service announcement, the FBI defined SIM swapping as a “malicious technique where criminal actors target mobile carriers to gain access to victims’ bank accounts, virtual currency accounts, and other sensitive information.” The PSA noted…
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Crypto Security
Verified Crypto Account Listings Proliferate on the Dark Web
Verified crypto-exchange accounts have become a hot commodity on the dark web, with login credentials available for as little as $20, according to May data from threat intelligence firm Privacy Affairs. But the price for verified crypto accounts has been steadily rising, with some ‘logs,’ a darknet slang term for stolen or nominee credentials, fetching as much as $2,650 per account, Privacy Affairs research shows.…
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Crypto Security
A Deep Dive Into the ‘Rags to Riches’ Manual for Withdrawing Illicit-Origin Crypto
Annualized data from blockchain forensics provider Chainalysis indicates that crypto-enabled crime has dropped precipitously through the first half of 2023, but cybercriminals are also continuously evolving new cash-out methods to cover their tracks. Chainalysis’s mid-year update found that crypto inflows to “known illicit entities” were down 65% compared to where they were last June. Meanwhile, crypto flows to high-risk entities, which generally entail “mixers” and…
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Crypto Security
How Blockchain Security Differs From Traditional Cybersecurity – 4 – Security Operations (SOC)
This article concludes our four-part series on the basic differences between traditional IT security and blockchain security. Previous articles discussed the security differences critical for node operators, smart contract developers, and end users. In many ways, Security Operations Center (SOC) analysts and node operators face similar blockchain-related security challenges. The scale of SOC operations brings with it unique security challenges. Reduced telemetry from decentralized infrastructure…
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Crypto Security
How Blockchain Security Differs From Traditional Cybersecurity – 3 – User Security
This article is the third in a four-part series exploring the differences between traditional IT security and blockchain security. Check out the first two articles in the series exploring the differences for node operators and application developers. This article explores how user security differs between traditional IT and blockchain environments. While identical products and services may be hosted in traditional IT and blockchain environments, the…
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Crypto Security
How Blockchain Security Differs From Traditional Cybersecurity – 2 – Smart Contract Developers
This article is the second in a four-part series discussing the differences between traditional IT security / cybersecurity and blockchain security. Check out the first article in the series discussing the differences for node operators. This article focuses on the differences between application security (AppSec) for traditional applications and smart contracts. While the first blockchains, like Bitcoin, were not designed to support smart contracts, their…
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Crypto Security
Proof of Reserve vs. Proof of Liability vs. Proof of Solvency
Recent events like the FTX meltdown have sparked interest and conversations about how the incident could have been prevented. In the case of FTX, the primary problem was that the platform did not hold sufficient assets to cover its user deposits and liabilities. What are Merkle Trees and Proofs? Proof of Reserves and Proof of Liabilities can use Merkle trees to prove certain facts while…
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