Understanding the Web3 Security Incidents and Strategies in November 2024

What were the key Web3 security incidents in November 2024?

A total loss of about $86.24 million was reported across Web3 security incidents in November 2024, with 21 hacking incidents alone accounting for $76.86 million in losses. Major contributors included smart contract vulnerabilities and phishing attacks. To summarize key incidents:

1. MetaWin's Exploit: Crypto gambling platform MetaWin attacked on both Ethereum and Solana, exploiting a unique withdrawal system.

2. DeltaPrime's Vulnerability: DeltaPrime on Avalanche and Arbitrum suffered due to flawed reward claiming input validation.

3. Thala's Attack: Thala on Aptos was attacked via a smart contract vulnerability, leading to significant information recovery.

4. DEXX Targeted: Users of DEXX had millions stolen from them as part of a coordinated attack.

5. Polter Finance Hazard: A flash loan attack affected Polter Finance on Fantom, resulting in manipulated token pricing and drained reserves.

How can AI supply chain attacks be avoided in blockchain risk management?

AI supply chain attacks are increasingly concerning, suggesting our need for better protection mechanisms. Consider these strategies:

• AI in Threat Monitoring: Machines can contribute to heightened threat detection and automation, ensuring that systems can respond to issues more efficiently.

• Collaboration of AI with Blockchain: Utilizing blockchain audibility and AI's capacity to analyze helps improve security measures against software vulnerabilities.

• Least Privilege Principle: Protecting crucial vendor access while monitoring their activities can strengthen defenses.

• Leveraging MITRE ATT&CK: Fast-track identification of TTPs to thwart attacks

• Enhancing Analysis Tools: Tools such as software composition analysis can reduce the risk of exploitation in supply chains.

Is negotiating with attackers a plausible option for cryptocurrency asset management?

Negotiating with attackers is generally unacceptable. Here are aspects to observe:

• Reinforcement of Criminal Behavior: Such negotiations promote ongoing assaults.

• No Money-Back Guarantee: Payment doesn’t ensure the return of stolen assets.

• Compromised Security: Attackers may exploit weaknesses.

How may AI poisoning attacks influence web3 finance?

AI poisoning threats act like a double-edged sword in web3 finance, with implications such as:

• Potential for Financial Loss: A direct consequence; for instance, a user lost $2,500 from a code based on ChatGPT instructions.

• Coordination of Attacks: May belong to a collective effort, as shown by other scams with similar vulnerabilities at different times.

• Trust Erosion: Users could lose faith in AI, particularly if acrimonious advice leads to losses.

What is the impact of recovering funds on perceptions of crypto secure wallet solutions?

Recovering funds has its impact on both perceptions and market actions:

• Negative Token Value Effect: Over 70% of coins decreased in value post-recovery.

• Strong Market Reaction: Successful recovery can lead to a significant drop in market capitalizations.

What methods will enhance blockchain security against threats?

Implementing these strategies can significantly bolster blockchain security:

• Routine Security Audits: These can identify weaknesses in smart contract designs.

• Employ Threat Monitoring

• Integrate AI Tools: AI offers valuable support for threat detection.

• Strengthening Supply Chain Security: Well-placed checks on third-party tools can strengthen overall resilience.