Polygon’s security director urges Web3 companies to invest in security experts amid hacking spree

Mudit Gupta, the chief security officer (CSO) of Polygon blockchain, suggested that all blockchain companies should invest in recruiting traditional security teams to prevent hacking attacks. Recently, data collected by blockchain analytics firm Chainalysis shows that in 2022, so far, criminals have stolen $1.7 billion (about Rs 13,200 crore) in digital assets, decentralized finance (DeFi) accounting for 97% of the total via hacking. attacks.

In an interview with CoinTelegraph, Gupta pointed out that all recent hacks in the crypto sector can be linked to existing vulnerabilities in Web2 security.

These include flaws in private key management and phishing attacks to gain login access to wallets, among other tactics.

“I pushed at least every big company to find a dedicated security person who actually knows key management is important. There should be good audit trail logging and risk management around these things. But as we have seen, these crypto companies just ignored all of that,” CoinTelegraph quoted Gupta as saying.

Polygon, the energy-efficient blockchain, has a dedicated team of ten security experts working in the company. Gupta urged other Web3 companies to take the same approach as well.

So far this year, Curve Finance, Solana Wallets, Premint NFT registry platform, Beanstalk stablecoin protocol, and Axie Infinity’s Ronin bridge have suffered breaches amounting to millions of dollars.

To prevent such attacks in the future, Gupta emphasized the importance of private key management.

As security management companies work on their security management, crypto research firms like PeckShield and Chainalysis have been quick to track hacking attacks in the industry.

Earlier in June, Chainalysis launched a 24-hour hotline. Every victim in distress who asks for help will be addressed by a team of researchers who will try to find lost or stolen crypto funds in the event of a hacking attack. Local authorities could also be implicated in more serious cases.


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