Expert warns of potential blockchain security threats in 2024
Blockchain security experts warn of potential threats to cryptocurrency investors in 2024. Sophisticated scams, exploits of artificial intelligence (AI), and vulnerabilities Vulnerabilities in smart contracts are considered major risks that the cryptocurrency community needs to face.
According to Jesse Leclere, a blockchain analyst from CertiK, although the amount of money lost to fraud and hacking has decreased from $4 billion in 2022 to $1.7 billion in 2023, scams are becoming increasingly common. should be more complicated. He warned that the use of artificial intelligence allows hackers to automate phishing activities, from creating fake calls, videos and messages to ensnare potential victims. Jenny Peng, a research analyst from 0xScope, also warned that artificial intelligence could create ever more realistic “sophisticated fakes” to fool cryptocurrency users.
This poses a major threat to cryptocurrency users, especially in confirming the authenticity of information and transactions. In addition, vulnerabilities in smart contracts are also considered one of the biggest threats. According to Leclere, the use of AI to exploit BRC-20 and new vulnerabilities in smart contracts is the main cause of scams. For example, the Ledger Connect exploit on December 14 resulted in an advanced attack, illustrating the dangers of using artificial intelligence and exploiting vulnerabilities in smart contracts. . Another factor is the development of the BRC-20 ecosystem. Jenny Peng warns that the relative lack of security development in the BRC-20 ecosystem could create favorable conditions for hackers.
The example of the UniSat BRC-20 Wallet launching in early 2023 and immediately being hit by a double-spend vulnerability has shown that there is a need to develop the infrastructure of this ecosystem quickly to deal with security threats. In addition, chain bridges also continue to be a major concern. According to Leclere, adopting cross-chain solutions for greater interoperability can create vulnerabilities that arise from complex interactions between different protocols and chains. The biggest hacks in the cryptocurrency sector to date have all been the result of bridge mining. For example, the $650 million Ronin Bridge hack is still considered the worst hack in history.
Therefore, security upgrades are extremely necessary to deal with these threats. Additionally, Leclere and Phil Larratt from Chainalysis both warn about the great risk of bridge mining in blockchain. Major hacks in the cryptocurrency sector are often the result of bridge mining, and they predict that this situation could continue to threaten the industry in 2024.
Amid these threats, cryptocurrency investors need to be more cautious in investing and trading. It is important to improve security knowledge and monitor alerts from security experts. Cryptocurrency projects also need to focus on developing and improving their security to deal with increasingly complex threats. To deal with these threats, experts advise increased vigilance, training and cooperation between organizations to prevent fraud and cyberattacks. Security companies and law enforcement will need to work together to prevent informal exploitation of cryptocurrency technology. Overall, 2024 will be a challenging period but also an opportunity for the cryptocurrency and blockchain industry to grow stronger in protecting users and enhancing cybersecurity.
