How Hack Attack Threats Web3 Security
Web 3.0 enables a future where distributed users and machines are able to interact with data, value, and other counterparties via a substrate of peer-to-peer networks without the need for third parties. The result: a composable human-centric & privacy-preserving computing fabric for the next wave of the web.
There was an unpredictable activity that went across on the blockchain which was pointed out as a hack. This incident happened in late March on Ronin sidechain which was built for the well-known play-to-earn non-fungible token game Axie Infinity Bridge.
The hack was for over 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) for a combined value of over $600 million which took place on 23rd March 2022. This breach of contract was brought into contact by the developer named Sky Mavis who was the one behind this popular play-to — earn game. Apart from these several other transactions were carried out for hours and as suspected from the Ethereum address.
This incident shocked investors and led to a security nightmare in their minds. Experiencing the overview of the attack following points were taken into consideration. Nation-stated that a well-funded hackers organization and their highly organized hackers group made this attack look possible. Highly used resources which came from a rich group were used to prosecute the hacking event. However, more manual tools were used. The expectations for the future stated that as long as APTs can make their activities profitable or serve various political ends, they will remain active.
At this current rate, Web3 risks taking over the worst security failures of the previous internet but none of them were accountable. At Least huge companies have their insurance with banks to receive such losses, however, micro-companies and start-ups have to face a lot of these attacks. Many leading names in Web3, by contrast, appear focused on getting filthy rich by dumping tokens while not giving a fig about users left to navigate a predatory landscape on their own.
This attack has given rise to many such hackers to proceed with their events. This hacking activity led many to forget the value of crypto. However, it also allowed for the crypto prices to go down, and with the help of the notion it was easy to achieve few goals when it came to recovering the losses and scale up the prices in the market.
And considering the prices of Bitcoin, everyone thinks that the market is truly affected by the changes in the prices of bitcoin. It may sound like a surprise but this actually affects to its maximum. That’s the only reason why people are coming up with different substitutes to control the market price and not let the others affect due to the pricing. Web3 users shall take more of a risk to solve this.
However, keeping the scenario in mind, the Web of today is static and unable to adjust to the individual needs of each person experiencing it. Web 3.0 promises to be more dynamic and interactive. By implementing artificial intelligence and blockchain technology, it will redefine the web experience with structural changes to ensure democratization across all aspects of the internet.
In Web3.0, data shall be secured and the user shall only have the right to check on that data as the data shall be connected through the semantic web. Such a design also reduces the risks of massive data leaks because data is no longer centrally stored — making it more resilient to compromise.
About DeHacker
DeHacker is a team of auditors and white hat hackers who perform security audits and assessments. With decades of experience in security and distributed systems, our experts focus on the ins and outs of system security. Our services follow clear and prudent industry standards. Whether it’s reviewing the smallest modifications or a new platform, we’ll provide an in-depth security survey at every stage of your company’s project. We provide comprehensive vulnerability reports and identify structural inefficiencies in smart contract code, combining high-end security research with a real-world attacker mindset to reduce risk and harden code.
