All Crypto Security, Blockchain Security Posts
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Crypto Security
The $160M Wintermute Hack: Inside Job or Profanity Bug?
Getting to the bottom of the exploit that led to one of the biggest hacks in the history of decentralized finance. In order to understand the $160M Wintermute hack, we first need to understand algorithmic market makers and how they work in DeFi (decentralized finance), since that’s what Wintermute is. Imagine you’re the developer of a crypto project and you expect to get your token…
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Crypto Security
Introduction to Blockchain Layers 0, 1, and 2 Security
What Are Blockchains Layers 0, 1, and 2? A blockchain is a complex, multi-layered system. Bitcoin, the original blockchain, maintained a distributed and decentralized digital ledger on top of a peer-to-peer network. Later blockchains, like Ethereum, added complexity by integrating smart contract functionality and the technology needed to support these programs that run on top of the blockchain. In addition to these various layers within…
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Crypto Security
Trying to Solve the Mysterious $200M BitMart Hack
A missing pile of Safemoon and other cryptocurrencies, accusations of broken promises, and then nothing. When a high-profile cyber attack takes place and hundreds of millions of dollars are lost, usually a healthy balance is struck between safeguarding information to protect ongoing investigations and maintaining a level of transparent communication with the public. In the case of BitMart’s security breach, they chose to keep a…
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Crypto Security
Why DevSecOps is Essential for the Blockchain Ecosystem
In recent years, many organizations have adopted more modern development practices, including Agile, Scrum, and DevOps. The goal of these new processes is to improve the pace and efficiency of development by streamlining the development process and using automation whenever possible. One of the main shortcomings of most DevOps programs is that they overlook security, focusing on getting software released as quickly as possible. As…
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Crypto Security
What the $534M Coincheck Hack Taught Us All About Safe Storage of Digital Assets
The biggest crypto heist in history at the time it occurred in 2018 was an eye-opener for many reasons, not least of which for the way the stolen assets were being stored. Seasoned crypto enthusiasts and early adopters of the disruptive new technology know now that safely storing your digital assets is half the battle, but it wasn’t always so. Insufficiently secured storage was the…
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Crypto Security
Security Threats to Blockchain Networks – 6 – Wallet Attacks
Wallet Attacks: A Deep-dive Wallets are a logical target for cyber-attacks, along with the emerging institutions that hold custody of them on users’ behalf. While secured with technically unbreakable code, hackers have found numerous ways to gain illicit access to user wallets, whether by deception, theft, or ingenuity. In responding to this threat, the crypto-industry must consider whether to opt for traditional KYC-based measures or…
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Crypto Security
What the Biggest Blockchain Game’s Hack Reveals about the Future of Crypto Adoption
Axie Infinity’s Ronin Bridge Hack for $551M worth of crypto assets could paradoxically lead to higher rates of blockchain adoption by showing that it’s a lot easier to track stolen cryptocurrency than people think. The popular misconception that cryptocurrencies are private and untraceable fuels the equally popular misconception that it’s impossible to track and recover stolen crypto assets. In fact, even some of the most…
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Crypto Security
Security Threats to Blockchain Networks – 5 – Consensus Attacks
Consensus Attacks: A Deep-dive Where centralized systems operate on the basis of centralized permission, blockchain protocols proceed on the basis of decentralized consensus. While this is more secure in theory, the system is not flawless. All blockchains are susceptible to consensus hacking, thanks to the ability to simulate, force, or circumvent majority consent for a nefarious aim. Solutions can be found for some of these…
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