Blockchain evolution exposes dangers from Bitcoin to Metaverse

Check Point Software warned users about the risks of cryptocurrencies on the occasion of Bitcoin Day, celebrated on May 22. While the concept of Bitcoin and blockchain first emerged in 2008, things have come a long way since then, including the introduction of Ethereum, non-fungible tokens – NFTs, Metaverse and the Internet of Value – cars networking.

Despite these advances, significant risks remain for users. In fact, just last year, cryptocurrency scammers stole a record $14 billion. So what are these risks? Why are cryptocurrency scammers so successful? What can users do to stay safe?

As big tech companies invest in Metaverse, fine-tuning and aggressive innovation in blockchain technology is creating a new Internet, the IoV – Internet of Value

Rapid innovation leaves loopholes
Cryptocurrencies are growing rapidly – in just 15 years, the cryptocurrency market has expanded to over $2 trillion. While innovation is an advantage, the speed of development often leaves a potential gap. Over the past 12 months, Check Point Research – CPR has identified critical security vulnerabilities in major Web3 platforms such as OpenSea, Rarible, and Everscale.

Rapid innovation means new projects emerge every day. The problem with this, however, is that there isn’t enough focus to warrant what’s being built. And the biggest risk here is that new realms like the metaverse will be built on insecure foundations. In fact, security and privacy issues are the main issues hindering the development of Metaverse.

Lack of security experts
According to the 2021 (ISC)² Cybersecurity Workforce Study, the world already lacks 2.72 million cybersecurity professionals, let alone any Web3 experts. The same study shows that the global cybersecurity workforce needs to grow by 65% ​​to effectively protect an organization’s critical assets. If we also consider cryptocurrencies and Metaverse, this percentage could be even higher.

“Bitcoin Day is a great time to look back and review the technological milestones that blockchain has achieved. Today, as big tech companies invest in the Metaverse, fine-tuning and positive innovations in blockchain technology are creating the new Internet, the IoV — — Internet of Value. We are now at the dawn of a new era, the Metaverse, and it’s exciting to see what the future holds and how we can ensure its future,” said Oded Vanunu, Head of Product Vulnerability Research at Check Point Software.

“At the same time, users should remain aware of the risks of cryptocurrency wallets and be vigilant when it comes to suspicious activity that could lead to theft. As we have seen this year, attackers will continue to expand their efforts to hijack digital wallets , while exploiting system vulnerabilities,” Vanunu concluded.

Security advice
Blockchain transactions are irreversible. In this technology, unlike a bank, you cannot block stolen cards or dispute transactions. Your cryptocurrency funds are easy targets for cybercriminals if your digital wallet keys are stolen, so security should always be a concern for users.
To prevent key theft and as a general security tip, CPR recommends not opening Link suspicious, especially from unknown sources, and always keep your operating system, antivirus, and internet security software up to date.

Other recommendations mentioned include not downloading software and browser extensions from unverified sources, and being cautious and suspicious of requests to sign any agreement received association in any market. Additionally, before approving a request, the user should carefully examine the content of the request and consider whether the request is unusual or suspicious, and if in doubt, the user is advised to reject the request and check further before providing any authorization.

Serve
Review and revoke authorization Token– //etherscan.io/tokenapprovalchecker

(ISC)² Cybersecurity Workforce

Blockchain Reveals Bitcoin’s Danger to the Metaverse

Checkpoint Research (CPR)

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