28 Jul 2022

Spree of multimillion dollar hacks creates booming business for blockchain security experts

Even as cryptocurrency markets face economic turbulence, there’s one segment of blockchain-based industries where business is booming: blockchain security. A boutique industry of auditing firms formed over the past few years to deal with the emerging technology now boasts up to a year-long wait time to even begin working with customers

Read More
27 Jun 2022

Managing risk in blockchain deployments

Trail of Bits has released an operational risk assessment report on blockchain technology. As more businesses consider the innovative advantages of blockchains and, more generally, distributed ledger technologies (DLT), executives must decide whether and how to adopt them. Organizations adopting these systems must understand and mitigate the risks associated with

Read More
21 Jun 2022

Cryptocurrency tech is vulnerable to tampering, a DARPA analysis finds

Whether prices are up or down, for many investors in cryptocurrency, the real appeal is that there’s nobody in charge. As the crowd chanted at the recent Bitcoin 2022 conference in Miami, it’s all about “Freedom!” By design, the system is meant to be from interference by banks, companies and

Read More
01 Jun 2022

The Ronin DeFi Network Hack and Blockchain Analysis Techniques for Attribution

In early April, we began our research and analysis of crypto and blockchain security initiatives by tracking down the best-in-class research efforts and subject matter experts to explore the formative core issues surrounding the topic.  In our initial post, we explored the recent blockchain bridge heists, growing national security concerns, and The Secure Blockchain Initiative at Carnegie Mellon.  Since April, the crypto market has been described euphemistically as “experiencing significant downside pressure” or “had a very bleak May” – while most have proclaimed a full-on crash.  The WSJ declared in mid-May that $1 trillion of crypto vanished in just six months – while still others argue that the digital assets were overpriced and ripe for such a correction. 

Trust is central to monetary systems, especially in ecosystems designed for the capture, storage, and transaction of value.   Trust continues to be shattered in the world of crypto, DeFi, and blockchain business models across a variety of industry verticals as security vulnerabilities and hacks continue to plague the technology.

Read More
24 May 2022

These are the flaws that let hackers attack blockchain and DeFi projects

The number of decentralized finance (DeFi) and blockchain projects grew massively during the past year, but their increased popularity has also piqued the interest of cyberattackers – who managed to steal at least an estimated $1.8 billion in 2021. The blockchain is a digital ledger that records transactions in a

Read More
04 May 2022

Polkadot launches cross-chain messaging system to solve blockchain’s bridge problem

Blockchain platform Polkadot has launched a new cross-chain communications protocol, saying it will do away with cumbersome bridging mechanisms that have cost the crypto industry billions in cyber attacks. The newly launched XCM messaging system is intended to promote Polkadot’s multichain ecosystem, which is being built on the premise of full

Read More
02 May 2022

Beyond Bitcoin: Understanding Blockchain Security Implications

The blockchain market is expected to grow 68.4% over the next four years, with 86% of senior executives believing blockchain will become a mainstream-adopted technology. While the majority of the world has been fixated on various cryptocurrencies—including bitcoin, ethereum and the emerging non-fungible token (NFT) market—organizations have adopted blockchain technology

Read More
27 Apr 2022

Tearing Up The Rulebook: Blockchain And Crypto Adoption Risks

There is no doubt that the history of blockchain and cryptocurrencies has been checkered, as major events, such as the 2013 shutdown of Silk Road, 2014’s Mt. Gox closure, the 2017 disappearance of Ruja Ignatova and the 2020 Telegram ICO fine and SEC settlement, have shown. The birth of the

Read More
14 Apr 2022

Exploring the evolving security challenges within the metaverse

Note: OODA Loop has been tracking and reporting on Metaverse trends since 2003. But for many, including the author of a piece we summarize here, it was Zuck who gets credit for reintroducing the concept to us all: In July 2021, Meta CEO Mark Zuckerberg re-introduced us to the concept

Read More
12 Apr 2022

In 2022: $1B in Crypto Blockchain Bridge Heists, Growing National Security Concerns and the Secure Blockchain Initiative

Like our broad research and analysis efforts last year regarding dis- misinformation and cognitive infrastructure, this year we embark on what academia calls a “literature review” on the topic of crypto and blockchain security initiatives – which begins with tracking down the best-in-class research efforts and subject matter experts to explore how they are “framing and naming” the core issues. Blockchain shows great promise for the future of identification and security protocols.  For now, however, what trumps the potential cybersecurity applications of the blockchain is the conventional wisdom that the entire crypto ecosystem has serious middleware challenges – and growing direct security vulnerabilities in the blockchain design and architecture itself.

Read More