Over the past several years, there has been a rapid emergence of companies, projects, and initiatives in what is broadly categorized as Web3. While monitoring that rapid innovation, the OODA research team has noticed a disproportionately high number of cybersecurity incidents that have the potential to negatively impact the Web3 innovation ecosystem, disrupt customer adoption of these technologies, and result in consumer and enterprise monetary losses.
OODA has compiled a Web3 incident database based on our research to categorize what compromises are taking place as well as document the cyberattack root causes. Tracking root causes provides insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks.
At the time of this post this database is tracking over $62 Billion Dollars worth of cryptocurrency related incidents.
Conclusions from analysis over this dataset are already informing our research and reporting on cryptocurrency and Web3 activity. Conclusions are also informing our judgement when it comes to recommendations for risk reduction in the Web3 domain. It is clear from the data that developers and leaders of Web3 projects, including DeFi applications, need to leverage best practices for protection of infrastructure, have contracts and code independently analyzed, protect against insider attacks, and evaluate overall posture through use of Red Team techniques.
We have made this database available to all OODA members in a form that enables a high level overview by root cause and an ability to browse, search and conduct analysis leveraging the entire data set.
Members can access at: Cryptocurrency Incident Database
OODA network members can also access these additional resources on Web3 including insights into how to reduce risk and inform business strategies. Research and reporting of interest includes:
Reducing Risk To Cryptocurrency Projects by Red Teaming We provide insights on prioritizing defenses of cryptocurrency projects based on our years of experience in red teaming.
Is Bitcoin a National Security Risk? How might Bitcoin be framed as a national security risk? As national security technologists, here is our take on where the government is likely concerned.
The Past Present and Future of DeFi Here we capture insights from two of our most popular OODAcasts on the cryptocurrency revolution, one with crypto pioneer Bradley Rotter and one with author of “The Infinite Machine” Camila Russo.
Bitcoin and Ethereum and the Metaverse Jahon Jamali is one of the great explainers of the nature of the crypto revolution and provides insights here into the nature of the coming changes.
What Will The Federal Government Do In Response To The Rise of Cryptocurrencies? All businesses and citizens should understand the importance of improving policy in this domain, but we also need to be cautious about over regulating or passing foolish rules that do more harm than good.
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