Technology

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 way that is difficult to tamper with or change. As a result, these technologies have tremendous potential for managing cryptocurrency assets and transactions, as well as for facilitating smart contracts, finance, and legal agreements. In recent years, the blockchain has led to the emergence of decentralized finance. DeFi financial products and systems are an alternative to traditional banks and financial services, relying on decentralized technologies and smart contracts to operate. DeFi, NFTs, and cryptocurrencies are now popular targets for threat actors, who take advantage of vulnerabilities, logic errors, and programming flaws – as well as performing phishing campaigns to steal digital funds from their victims. In May, Microsoft introduced the term ‘cryware’ to the standard dictionary of digital threats, including malware, infostealers, cryptojackers, and ransomware. The new term describes malware designed to harvest and steal information from non-custodial cryptocurrency wallets, otherwise known as ‘hot wallets’.

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OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.