Nomad and Solana hacks: what are the lessons for cryptocurrency investors?
Web3 adoption seem inevitable, but so does the increase in security issues and hacks. What are the main factors causing this? The high rate of innovation in the crypto world and the frequent software upgrades of the multi-chain world look like they will inevitably introduce more vulnerabilities. We need to have real-time monitoring infrastructure in place to prevent and quickly react to exploits. “Effective monitoring infrastructure in the hands of the community acts as a powerful deterrent to bad actors,” Nikos Andrikogiannopoulos, CEO of Metrika, told The Armchair Trader recently. “Similar to fire and weather alerts, which get communities mobilized, evacuate threatened areas, and activate volunteer rescue teams, blockchain communities need processes and tools to deal with emergency situations.” Disruptive technologies are volatile and, with that, bring significant risk and great rewards. Most of the developers in the blockchain space are learning on the fly, as they come from conventional technology stacks and are retrofitting their skills. Education will become a driving force for better and more secure programming.