From Bitcoin to the metaverse: Dangers behind blockchain evolution

From Bitcoin to the metaverse: Dangers behind blockchain evolution

Oded Vanunu, head of products Vulnerability at Check Point Software. — Supplied photo

Over the past 12 months, Check Point Research (CPR) has found serious security flaws in leading Web3 platforms such as OpenSea, Rarible and Everscale.

Published: Thu 26 May 2022, 1:57 PM Last updated: Thu 26 May 2022, 1:59 PM

Check Point Software Technologies, a leading provider of cyber security solutions globally, warns users of the persistent dangers of cryptocurrencies and provides recommendations to keep wallets safe. While the concept of Bitcoin and blockchain first came on the scene in 2008, things have progressed considerably since, including the introduction of Ethereum, Non-Fungible Tokens (NFTs), the metaverse and the Internet of Value.

Despite these advancements, there are still huge risks to users. Indeed, just last year, crypto scammers stole a record $14 billion. So what are these risks? Why are crypto scammers so successful? And what can users do to keep themselves safe?

Rapid innovation leaves vulnerabilities

Cryptocurrency is growing fast – in just fifteen years, the crypto asset market has grown to over $2 trillion. While innovation is great, the pace of development often leaves potential holes for breaches. Over the past 12 months, Check Point Research (CPR) has found serious security gaps in