The digital asset space is already facing losses of $1.5 billion in 2023, Cointelegraph reported, citing data compiled by CertiK. Ronghui Gu, co-founder of CertiK, pointed out that although previous incidents have exposed the security issues of SIM card replacement and multi-signature (multisig), the industry is still "unforgivable" for the continued occurrence of such incidents. Crypto hacks, exploits, and scams have resulted in nearly $1 billion in losses before September 2023. In the fourth quarter, new incidents such as the Poloniex exploit incident and the HECO Chain cross-chain bridge hacking attack hit the crypto industry hard, with losses exceeding US$100 million and US$80 million respectively.
Experts say a deeper understanding of where and how potential security threats come from is needed so that companies and individuals can identify and protect against patterns and connections that have emerged in previous attacks. Furthermore, while security audits are effective, they are "far from sufficient." A comprehensive security strategy should start with security design and continue through monitoring and threat prevention solutions.
