As 2023 nears its end, the crypto landscape reflects a year marked by regulatory scrutiny and market flattening. Amidst the anticipation of a new bullish trend in the coming year, experts foresee a changing paradigm in the realm of web3 security. Here are three significant trends expected to shape the web3 security landscape in 2024.
- Surge in Hacks and Scams The relationship between market dynamics and cybercrime in web3 is a familiar pattern. In 2021, during Bitcoin’s all-time high, crypto scam losses surged drastically. Yet, in 2023, certain scam activities dropped significantly, albeit with an increase in impersonation scams. Analysts predict that a potential market upswing in 2024 could reinvigorate scammer interest.
Sophisticated tactics like spoofing, morphing, and obfuscation are anticipated to evolve. Additionally, off-chain signatures might become a new target for scammers. Signature phishing scams, leveraging off-chain transactions, could trick users into unknowingly authorizing malicious actions, like draining NFTs from their wallets.
The recent shutdown of Inferno Drainer, responsible for substantial crypto theft, is a positive development. However, it’s just one instance, hinting at further consolidation and innovative tactics among scammers in the upcoming year.
- Advancements in Web3 Cybersecurity As fraud techniques evolve, web3 security capabilities are also advancing. Detection protocols have already preempted major hacks, exemplified by identifying the theft from SushiSwap before fund withdrawal.
On-chain extensions akin to wallet extensions may enhance risk monitoring in real-time, offering an additional protective layer. The involvement of traditional finance and institutional liquidity will lead to a bifurcation in the sector, fostering more robust on-chain data and analytics. AI and machine learning will further amplify the efficiency of risk profiling in this multifaceted landscape.
- Strategic Approach to Web3 Cybersecurity With the growing maturity of the crypto space, a comprehensive cybersecurity strategy is increasingly crucial. From secure design to monitoring and threat prevention, a holistic approach is essential. This includes preventive measures like asset segregation and transaction screening, combined with mitigation tools such as automated circuit breakers and insurance.
Companies like Forta have emerged with specialized tools like blockchain scam detectors, tailor-made for web3 operators to mitigate evolving threats.
As 2024 approaches with a renewed sense of optimism, the industry must remain vigilant. Web3 entities need robust cybersecurity measures to safeguard assets and users in the face of emerging threats accompanying increased wealth and liquidity.
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