As blockchain technology sees widespread adoption in Web3 projects, security has become vital. Hacken CEO, Dyma Budorin, stresses the necessity for stronger security measures as 2025 nears, noting 2024's crypto breaches totaling $2.9 billion, as cited in a report by Hacken.
Access control issues have been central to most breaches, causing 75% of attacks. Access control weaknesses and phishing scams have severely impacted the crypto sector, leading to significant financial losses and highlighting major vulnerabilities.
Budorin emphasizes the criticality of comprehensive audits and robust key management systems. In a conversation with BeInCrypto, he pointed out that standard security audits and stringent controls are essential to tackling security weaknesses.
With access control breaches causing over $1.7 billion in losses due to compromised private keys, Budorin identifies these as the top security concern affecting developers, citing incidents with Radiant Capital and Orbit Bridge as examples.
Highlighting October's Radiant Capital hack, resulting in a $55 million loss, the vulnerabilities in the system were exposed, with hackers taking advantage of weak security protocols and private key compromises.
Budorin discusses the focus on mandatory compliance and regulations, urging blockchain projects to follow standards like CCSS. Strong key management, secure key generation, and multi-signature solutions are emphasized for reducing access control exploits.
On a broader scope, countries like the UAE, with Abu Dhabi Global Market (ADGM), are seen as pioneers in blockchain security due to their forward-thinking regulations and fostering an innovative tech ecosystem.
In collaboration with the ADGM, Hacken signed an MoU to enhance security within ADGM's framework, promoting high security standards and on-chain monitoring solutions for UAE's blockchain projects.
