Dedaub, a blockchain security firm, recently spoke to Crypto.news about the rising threat of crypto hacks and scams. In the third quarter of 2023, approximately $700 million in digital assets was lost due to these incidents, surpassing the losses of the previous two quarters. The co-founders of Dedaub, Neville Grech and Yannis Smaragdakis, discussed their experiences and strategies for protecting funds in the crypto world.
Grech shared an interesting case involving MultiChain where they discovered a potential vulnerability that could have resulted in the theft of a billion dollars. They reported it to the company and eventually saw it addressed. Smaragdakis explained the process behind investigations and post-hack measures taken by Dedaub. They utilize skilled engineers, tools, and their network to prevent further hacks and inform the community about incidents.
When it comes to tracing hackers, Smaragdakis mentioned that it depends on the hacker’s level of competence. They can sometimes be traced back to centralized exchanges if they are incompetent. However, if they use services like Tornado Cash to anonymize transactions, it becomes challenging to trace their activities.
The co-founders also discussed their thoughts on investigating North Korean hackers and the differences between smart contract hacking and hacking laptops or mobile devices. They emphasized the importance of following best practices to protect funds, such as using hardware wallets, monitoring transactions carefully, employing strong security measures on devices, and simulating transactions before executing them.
In conclusion, Grech and Smaragdakis highlighted that while there are efforts to improve security in the crypto world, ultimately, users need to be responsible for protecting their own funds.
Hot Take: Protecting Your Crypto Investments: Insights from Dedaub’s Co-founders
Neville Grech and Yannis Smaragdakis from Dedaub shared their experiences and strategies for safeguarding your crypto investments. With the rise in crypto hacks and scams, it’s crucial to stay vigilant and follow best practices. They highlighted the need for skilled engineers, tools, and networks to prevent further hacks and inform the community about incidents.
Tracing hackers can be challenging, especially if they use anonymizing services like Tornado Cash. While some hacking organizations like the Lazarus Group are well-funded and organized, their expertise in smart contract security might not be as formidable as in other areas.
To protect your funds, Grech and Smaragdakis recommended using hardware wallets, monitoring transactions carefully, employing strong security measures on devices, and simulating transactions before executing them. They also emphasized the importance of user responsibility in managing private keys and wallets.
Overall, staying informed, following best practices, and being proactive are key to safeguarding your crypto investments in an increasingly risky landscape.
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