While companies serving in the cryptocurrency market continue to be exposed to attacks and abuses, cybersecurity experts evaluated what could be addressed in terms of crypto security for crypto asset companies and a broader cryptocurrency market. Before September, nearly 1 billion dollars were lost in the market in 2023 due to crypto hack attacks and scams.
Cryptocurrency Market and Hack Attacks
In the fourth quarter of 2023, incidents like the Poloniex attack, resulting in the loss of over 100 million dollars in crypto assets, and the HECO Chain bridge hack attack, ending with a loss of over 80 million dollars, continue to significantly impact the cryptocurrency market.
The number of security incidents in the market and the assets lost for each attack have reached an undeniable point that measures must be taken regarding asset security in the crypto field. So, what do experts say about these attacks that cause company bankruptcies and shake user confidence? We are analyzing together.
Noteworthy Advice from Expert Names
Blockchain security firm CertiK’s co-founder Ronghui Gu commented that the visibility gained by these attacks on the security issue is inexcusable for the market to continue experiencing incidents caused by SIM-swap and multisig negligences. According to Gu, companies should adopt multi-factor authentication unique to the crypto market and regularly conduct security audits:
“We are building extremely functional, highly complex technology, and even if there are great incentives to build fast and break things, making security a primary thought is important.”
Researcher at Forta Network, Christian Seifert, agrees security should be a priority in the crypto market. Having worked as a security leader at Microsoft, Seifert suggests that users should demand security measures and if this doesn’t happen, legal regulators need to step in. The security expert defended that these methods would lead crypto projects to adopt more comprehensive security strategies.
Seifert also mentioned that while security audits are effective, they are not sufficient and stated:
“There is a need for a comprehensive security strategy that starts with secure design and extends to monitoring and threat prevention solutions.”
- Cybersecurity experts assess crypto market safety.
- Attacks cause significant losses and undermine trust.
- Experts urge for comprehensive security strategies.