All Crypto Security, Blockchain Security Posts
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Crypto Security
Security Threats to Blockchain Networks – 4 – Network Attacks
Network Attacks: A Deep-dive Network attacks are a class of exploits that focus on the isolation and manipulation of individual nodes or groups of nodes. While blockchain networks are theoretically robust against such attempts, both hackers and academics have found loopholes that can be used not only to defraud and damage individuals, but also scale up to take down entire exchanges. While easily overlooked, the…
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Crypto Security
Security Threats to Blockchain Networks – 3 – Smart Contracts
Smart Contract Risk and How to Mitigate It: A Deep-dive The strengths of smart contracts are also the source of its weaknesses, and will always present opportunities for hackers to exploit. So far, the pace of innovation in counter-measures is struggling to keep pace with innovation in the methods of attack. It’s reasonable to assume that as the Web3 environment stabilizes, an equilibrium will be…
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Crypto Security
Diving into the $320M Wormhole Bridge Hack
The full story behind the exploit that led to the fraudulent minting of 120,000 wETH and threatened to crash Solana. Early February of 2022 was a low-point for the cryptocurrency asset class; one of many more to come throughout the year. The price of BTC was on a relentless downtrend from a high of $69,044.77 on Nov 10, 2021, to under $40,000 by February 02,…
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Crypto Security
Security Threats to Blockchain Networks – 2 – A Holistic Overview
The utopian view of the blockchain as an unhackable alternative to the status quo is a pipedream. Many traditional cyberattacks are effective in a blockchain-based setting, and even cryptographically-secured processes are prone to errors and exploits. Understanding the potential attack vectors is a prerequisite to building a stable blockchain-based alternative to today’s centralized networks. Introduction The capacity for blockchain to alter the modern-day economy and…
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Crypto Security
Security Threats to Blockchain Networks – 1 – Cyber Attacks Taxonomy
Cyber-Attack Strategies in the Blockchain Era – A Framework for Categorizing the Emerging Threats to the Crypto Economy Market attacks Rely on the mass-manipulation of investors through asymmetric information Pump-and-dump Parties conspire to artificially inflate (pump) the price of an asset using various manipulation tactics (spoofing, wash selling, layering), in advance of selling (dumping) their stake. The reverse technique can be used to acquire an…
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Crypto Security
Tracing Private Cryptocurrencies
Many believe total anonymity is possible using privacy enhanced cryptocurrencies. It might not always be the case. Are popular cryptocurrencies like Bitcoin and Ethereum private? Absolutely not. There are privacy enhancing tools and techniques that can be used to obscure crypto transactions, but in general most cryptocurrencies leave a very convenient trail to trace for investigators and law enforcement. But not all cryptocurrencies are made…
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Crypto Security
The 5 Most Common Crypto Scams and How to Avoid Them
The DeFi revolution presents new risks and challenges for innovators, regulators, cybersecurity experts and early adopters of the powerful technology. These are the top 5. “Where money goes, crime is never far behind.” In our new digital world this age-old saying still rings true, especially in regard to the emergent cryptocurrency and NFT landscapes. According to a recent report by blockchain analytics firm Elliptic, cybercriminals…
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Crypto Security
The Other Side of NFT – The Scams and the Threats
In November 2021, a popular Twitter user and cryptocurrency enthusiast @Oxflim tweeted about a particularly nasty incident that happened to him. He lost his NFT collection, worth over 300 ETH, in the blink of an eye. “My primary wallets were compromised last night — you never want to wake up to something like this. Down bad. I ended up losing somewhere between 300 – 500…
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