The cryptocurrency market lost nearly $1 billion in 2023 due to hacker attacks and fraud incidents. Events like the Poloniex attack led to asset losses of over $100 million. The attack on the HECO Chain bridge also resulted in a loss of more than $80 million. Such incidents seriously affect the market.
It has become an undeniable fact that measures must be taken regarding asset security in the crypto space. Attacks lead to company bankruptcies and shake user confidence. Security experts are discussing what they say about this issue and what measures should be taken.
Ronghui Gu, co-founder of blockchain security firm CertiK, argues for the adoption of multi-factor authentication systems specific to the crypto market and the need for regular security audits. Gu emphasizes that security should be a priority and should not be neglected even in an environment where rapid development is encouraged.
Christian Seifert, a security leader at Microsoft and researcher at Forta Network, agrees that security should be a priority in the crypto market. Seifert argues that users should demand security measures and that if not, legal regulators should intervene. The security expert believes that these methods will lead crypto projects to adopt more comprehensive security strategies.
Seifert notes that security audits are effective but not sufficient, and talks about the necessity of a comprehensive security strategy that starts with secure designs and extends to monitoring and threat prevention solutions.
