Polygon’s chief security officer urges Web3 firms to invest in security experts on hack spree

Polygon’s Chief Security Officer Urge Web3 Firms to Invest in Security Experts Amid Hack Spree

Polygon Blockchain’s Chief Security Officer (CSO) Mudit Gupta suggests all blockchain firms invest in recruiting traditional security teams to prevent hack attacks. Recently, data collected by blockchain analytics firm Chainalysis shows that in 2022, criminals have so far stolen $1.7 billion (about Rs 13,200 crore) in digital assets, including through decentralized finance (DeFi) protocol hacks. The medium accounts for 97 percent of the total. attack.

In an interview with Cointelegraph, Gupta Thrown light on All the recent hacks in the cryptocurrency space can be linked to vulnerabilities present in Web2 security.

These include flaws in private key management and phishing attacks to gain login access to wallets, among other tricks.

“I’m pushing at least all major companies to get a dedicated security person who really knows that key management is important. There should be proper audit trail logging and proper risk management around these things. But as in That we have seen these crypto companies ignore all these,” Cointelegraph quoted Gupta as saying.

Polygon, the energy-efficient blockchain, has a dedicated team of ten security experts working in the company. Gupta urged other Web3 firms to take the same approach.

So far this year, Curve Finance, Solana Wallets, Premint NFT registration platform, Beanstalk stablecoin protocol, and Axi Infinity’s Ronin Bridge have faced millions of dollars in breaches.

Gupta has emphasized the importance of private key management to prevent such attacks in the future.

While security management companies work on their security management, crypto research firms such as PeckShield and Chainalysis have proven quick in tracking hack attacks in this area.

Earlier in June, Chainalysis launched a 24-hour hotline. Every distressed victim who reaches out for help will be addressed by a team of researchers who will attempt to locate lost or stolen crypto funds in case of a hack attack. In more serious cases, local officials may also be involved.


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