Saturday, May 17, 2025

Web3 Security

ProtectingAssets

Web3 security focuses on protecting dApps and blockchain networks from vulnerabilities and attacks. As Web3 technologies evolve, they introduce unique security challenges, including smart contract bugs, private key management issues, and phishing attacks. Ensuring robust security involves practices like code audits, secure development protocols, and user education. Key measures include multi-signature wallets, decentralised identity solutions, and comprehensive risk assessments. With our Crypto Exploit Tracker tool, you can stay informed about recent exploits, their impacts, and related transactions, crucial for maintaining security and trust in decentralised platforms and applications.

Security Incidents

Coinbase Data Breach, $20 Million Extortion Bid

Coinbase faces renewed scrutiny after a coinbase data breach in which hackers bribed offshore support contractors, siphoned customer data and demanded a $20 million bitcoin ransom, an extortion the exchange refused to pay. The disclosure on 15 May could cost up to $400 million and reignites doubts over Coinbase’s sprawling outsourced security model.

SIM-Swap Culprit Faces 24 Months Over Fake Bitcoin-ETF X Post

U.S. prosecutors have asked Judge Amy Berman Jackson to sentence 25-year-old Eric Council Jr. to two years in prison for the January 2024 SIM-swap attack that let him seize the Securities and Exchange Commission’s X account and publish a bogus approval of spot-Bitcoin ETFs, briefly jolting markets.