Blockchain Hacks: Can They be Prevented with Smart Contract Audits?

With the exponential growth of cryptocurrencies, NFTs and other blockchain implementations, there has never been a better time for a cybercriminal to convert a vulnerability into easy and big money. We see two different types of attacks involving cryptocurrencies. One of these is centered around the end user (the victim). The attack technique relies on social engineering tricks such as convincing a victim to send cryptocurrency to an attacker’s wallet. The other type of hack we see is a bit more complicated and requires a deep understanding of blockchain smart contracts and associated components, such as side-chain, cross-chain, wallets, understanding of various protocols, and more. The SecOps Group have now launched a blockchain smart contract security audit, to help blockchain developers identify and patch security issues before they get exploited in the wild. Blockchain is a transaction record database that is distributed, validated and maintained around the world by a network of computers. Instead of a single central authority such as a bank, a large community oversees the records in Blockchain. No individual person has control over these records. Blockchain is based on decentralized technologies. Together these technologies function as a Peer-to-Peer (P2P) network.

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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.