Polygon’s Chief Security Officer Urges Web3 Firms to Invest in Security Experts Amid Hack Spree 3p1b40 Technology News

In 2022 so far, criminals have stolen $1.7 billion (roughly Rs. 13,210 crore) in digital assets. 5v4n4v

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 9 September 2022 12:46 IST

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

Photo Credit: Bloomberg 2x1m1w

Hacking Decentralised Finance (DeFi) protocols ed for 97 percent of crypto hacks

Highlights

Polygon has a dedicated security team
Polygon has a ten-person team for overseeing security
Gupta has asked all Web3 firms to appoint similar dedicated teams

ment

Mudit Gupta, the Chief Security Officer (CSO) of Polygon blockchain, has suggested all blockchain firms to invest on recruiting traditional security teams in order to prevent hack attacks. Recently, data gathered by the blockchain analytics firm Chainalysis shows that in 2022, so far, criminals have stolen $1.7 billion (roughly Rs. 13,200 crore) in digital assets, with Decentralised Finance (DeFi) protocols ing for 97 percent of the total via hack attacks.

In an interview with CoinTelegraph, Gupta highlighted that all the recent hacks in the crypto sector can be linked to vulnerabilities existing in the Web2 security.

These include loopholes in the private key management and wallets, among other tactics.

NFT Tribute Project for Late Queen Elizabeth II Opens For Final Auction

“I've been pushing at least all of the major companies to get a dedicated security person who actually knows that key management is important. There should be proper audit trail logging and proper risk management around these things. But as we've seen these crypto companies just ignored all of it,” CoinTelegraph quoted Gupta as saying.

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

So far in this year, Axie Infinity's Ronin Bridge have suffered breaches amounting to millions of dollars.

Sony Music May Soon Integrate NFTs With Artists, Songs

To prevent such attacks in the future, Gupta has emphasised on the importance of private key management.

While security management firms work on their security management, crypto research firms like Chainalysis have proven to be prompt in tracking hack attacks in the sector.

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 try to trace the lost or stolen crypto funds in case of a hack attack. Local authorities could also be involved in more serious cases.

Apple unveiled eight new products at its September 'Far Out' event. Which ones will float — and which will sink? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

links may be automatically generated - see our ethics statement for details.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Mudit Gupta

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More