Web3: the new hunting ground for hackers?

Care is the mother of safety – Every year, the ecosystem Challenges always saves more hacks and other cheats. On the one hand, hacks can be avoided by paying more attention to smart contracts. On the other hand, reducing the number of scams requires only education. A situation explained in detail by Dmitry Mishunin, CEO of HashEx.

Web3: a new paradigm

Our colleagues from CoinTelegraph have interviewed CEO of HashEx, Dmitry Mishunin. During this interview they discussed several topics starting from Paradigm shift from Web3 for safety in the same area.

With years of experience in the ecosystem, Mishunin believes that the main feature of Web3 is the responsibility for control of funds.

“Web1 is a read-only experience. You can get information and context, but you can’t do anything with it. Web2 is a read-write mode – you can upload anything. And Web3 allows it to read, write and own. »

So, as he points out, it adds one new degree of responsibility to the user. As it becomes its own bank, it must also embrace the security dimension that this implies.

Unfortunately, many users are not fully aware of this new paradigm. This leads to many cases of scams which lead to loss of funds for users.

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Security vulnerabilities boil down to human error

While many netizens think it takes a computer genius to steal cryptocurrencies, the reality is quite different.

Indeed, as Dmitry Mishunin reminds us, the main cause of hacks does not lie in the failures of smart contracts, but in human errors.

To support his opinion, the latter takes the example of what he knows, that is HashEx. Thus, he explains that HashEx has missing the equivalent of 100,000 dollars in previous years.

In practice, the company has experienced a phishing attack. An employee wanted to perform a swap on PancakeSwap. To do this, she asked ” pancakes on Google and didn’t realize she was clicking on a link between Google ads.

“The site presented a pop-up window that looked like a MetaMask window. The popup said: An error has been detected in MetaMask and she entered her seed phrase. »

that single mistake led to $100,000 loss, and all in just a few minutes. A simple moment of inattention can lead to tragedy.

Safety comes through education

Unfortunately, companies have few tools to combat phishing attacks. Indeed, all it takes is a compromised link in Google ads, a fraudulent Telegram channel or even an email for the worst to happen.

However, it is possible to fight against this type of attack by working twice as hard user education.

“We can and do help users improve their level of understanding. After a while people should have a better understanding of how Web3 should work. »

Indeed, raising the level of user understanding can help reduce the incidence of successful phishing attacks. However, this also falls under user vigilance.

Indeed, most people are no longer fooled by fraudulent emails sent by a fake African president promising to send millions of dollars in exchange for $500 to pay fees. However, the same users may fall for the scammer who advertises a fake NFT collection.

So it seems that once again, only time can do its job. Gradually, users will become familiar with these scam attempts and will be able to detect them when they come across one.

To do this, it is essential to provide constant reminders about safety. To best prepare for 2023, nothing like a safety reminder for managing and storing your cryptocurrencies.

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