$2.5B in losses might seem a like a lot of money lost to crypto hacks. But the true fallout could come in the form of incoming regulations.
In fact, a new report indicates that over a two-year period, more than $2.5 billion in assets was stolen, dwarfing the losses associated with breaches related to decentralized finance lending and decentralized exchanges combined.
The only way to stem these issues before they take down the industry is to realign how it perceives third-party security initiatives. Third parties need complete and thorough vetting before they’re allowed access to institutional data of any kind. Once they are allowed access, it is critical to limit their reach to only the data that is absolutely necessary and revoke those permissions when no longer required, as would have been beneficial to those involved in the Ronin breach.
In particular, which steps could have had an effect on the cross-bridge hacks, like Binance, that we’ve recently seen? Bridge code needs to be regularly audited and tested before and after its release. One of the most effective ways to do this is to employ bug bounties. Smart contract addresses need constant monitoring, as do false deposits. There should be a security team in place, one that utilizes artificial intelligence to flag potential risks, to oversee these risk management endeavors.
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