**Blockchain Security: Exploring the World of Crypto Hacks and Protection**
*Discover the Most Notable Hacks and Strategies for Securing Your Crypto Assets*
In the fast-paced world of cryptocurrency, security is a paramount concern for investors and enthusiasts alike. With the rise in crypto hacks and scams, protecting funds has become more important than ever before. To shed light on this pressing issue, we sat down with Neville Grech and Yannis Smaragdakis, co-founders of Dedaub, a blockchain security firm.
**Unraveling the Intricacies of Crypto Security**
When asked about their most interesting investigations, Grech shared a fascinating case involving MultiChain, which occurred about a year and a half ago. Through white hat hacking, they discovered a potential vulnerability that could have resulted in the theft of a billion dollars. After informing the company and providing a detailed report, the issue was eventually addressed.
**The Process of Investigation**
Grech delved into the behind-the-scenes process of investigating hacks, revealing that many investigations take place after the fact. The first step is to quickly understand the protocol, which requires highly skilled engineers. These experts work tirelessly to prevent potential second hacks and utilize a vast network of contacts and specialized tools for these situations. Although they strive to inform the community and conduct thorough root cause analysis, there’s often little that can be done once a hack has occurred.
**Tracing the Origins of Hackers**
When it comes to tracing hackers, it largely depends on their level of competence. If the hacker is incompetent, their origin can sometimes be traced back to a centralized exchange. However, if they use services like Tornado Cash, which anonymize transactions, it becomes challenging to track their activities. While there are limited options available, timing can be crucial in making connections. Smaragdakis added that small to medium-sized hacks by skilled hackers are unlikely to be traceable at this time.
**The Role of Traditional Law Enforcement**
For substantial hacks involving tens of millions of dollars, traditional law enforcement agencies come into play. Grech emphasized that smart contract technology might not be enough to extract such substantial sums from the blockchain. In these cases, national organizations with ample resources and expertise, like Israel, the U.S., or Russia, tend to have a significant advantage.
**The Lazarus Group: A Force to be Reckoned With?**
While discussing hacking attempts attributed to the Lazarus Group, a North Korean organization, both Grech and Smaragdakis shared intriguing insights. While they haven’t directly investigated any hacks from this group, they acknowledged the potential of their expertise. However, they also noted that the attribution of hacks to the Lazarus Group might be overstated. In the smart contract space, many organizations possess similar levels of proficiency.
**Protecting Your Funds: Best Practices**
To protect your funds and assets, Grech and Smaragdakis provided valuable recommendations. They emphasized the importance of using a hardware wallet, carefully monitoring transactions, and implementing strong security measures on your devices. Simulating transactions before executing them was also highlighted as an advanced practice that could provide additional security.
**Editor Notes: Enhancing Crypto Security with Dedaub**
With the increasing number of crypto hacks and scams, it’s crucial to have experts like Neville Grech and Yannis Smaragdakis, co-founders of Dedaub, working towards enhancing security in the crypto world. Their insights shed light on the challenges faced and the strategies employed to protect funds from potential threats. Stay updated with the latest news and developments in the world of technology and AI at GPT News Room.
*Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of GPT News Room.*
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