“New and improved” is the refrain of progress, but new technology doesn’t always turn out to be an improvement. In the case of the evolution from Web2 to Web3, a former hacker revealed how recent changes have created an all-new avenue of potential attack. Recent updates were intended to tighten security. “Due to blockchain technology and its autonomous structure, it will also be safer than prior internet versions,” explained the Spiceworks blog. “Hackers will find it exceedingly tough to exploit the network, and even if they do, their activities will be logged.” Except, in this case, those “improvements” have created further concerns. The issue, for both consumers and businesses, is that the “secure” aspect of Web3 — the blockchain authentication of things like crypto wallets — can also pose a massive security problem. Marcus Hutchins, a hacker-turned-security-pro, revealed new security weaknesses of Web3 in a social media video. “Web3 has introduced a huge new attack surface,” Hutchins said in the video. Hackers now have access to a 51% attack, which is an attack on blockchain by groups who control more than 50% of the blockchain. Those groups who take over 51% or more of the blockchain have all the power to control the network.
Full story : The Dangerous Flaws of Web3 Security, According To a Former Hacker.
