Crypto Crime: Challenges to Web 3.0 security

 Crypto Crime: Challenges to Web 3.0 security.

Crypto Crime

Web security 3.0 In this issue of The Big Idea, Mac King explores the challenges of Web 3.0 security and cryptocurrency crashes. NEW YORK - Most crypto-related news headlines come from many places where most of us find stories of security breaches, scams, and illegal activity obligations. As it should be, says Duke law professor John Reed Stark, a former SEC office official for Internet Enforcement and a skeptic - to put it mildly - most of the in-house and near-local crypto-believers projects call Web 3.0. That misses a lot, says Nick Neuman, founder and CEO of Bitcoin wallet Casa. He does not deny that fraudsters see the revoked environment of Web 3.0 as an opportunity: a blockchain network covering millions of personal computers worldwide, allowing us to send, share, download and distribute digital files, someday (perhaps soon?) Instead of today's Internet where authorities centralized with their own storage areas full of browsing servers that unfairly enrich the user data they collect for free, determine what we see on this web that we access through our many online accounts, and also - in theory - commit ourselves. to prevent and ensure that we are not released. Neuman wants his opponents, in hindsight, and who are currently investing in space to realize that there is a big risk between the new Pokemon-ish crypto video game Axie Infinity - recently looted with an estimated $ 650 million - and the Bitcoin blockchain , never to be robbed. in its 13-year history. The distinction between the two, according to Neuman, "has to be known by the public." "One thing that is common among all of them is that they are not completely controlled," Stark said. "The SEC is no longer required to require cash, record keeping, human licenses, or SEC checks, according to that statement. Related: What is Web 3.0? Stark continued from there. But again, Neuman did not argue that the non-repatriation of crypto trading makes it a blessing to both allow what he calls "research resistance" very important in giving money he stated) and the curse that causes crypto to be sent as lost or stolen crypto. Neuman said, "Unless someone goes back and finds that person through the law" or a middle-level organization like Coin base returns its customers to its balance sheet. "I think that's not fair," Neuman said. "We will not see that change in the next 10 years." Instead, Neuman expects more people to hold their secret key passwords in digital wallets containing their crypto tokens - a future that will require those wallets, the sponsors trading, and the agreements they have in place to further improve their security. There is still a long way to go, according to Neuman. "We in the industry are learning the best way to protect this infrastructure," said Chania lysis VP of IT and Information Security Betsy Bevilacqua. Chania lysis works with those investigating the aforementioned robbery of Axie Infinity. In more than 70 nations, we provide state-owned businesses, financial institutions, insurance companies, and cybersecurity firms with data, software, services, and research, according to Bevilacqua. Chania lysis tracks the movement of tokens between wallets to chart what is stolen or stolen from your source to its final locations. We enable anyone to read the blockchain, added Bevilacqua. The existence of such a large public, informal spread, Bevilacqua and Neuman disputes, may make crypto criminals easier to crack down on law enforcement than those who are still the majority of money launderers. Cybercriminals would soon discover that this is not their money, Bevilacqua predicted. "The idea that it is a bit of a blessing for the law to have this track record is, I think - not thinking - I know it's wrong," Stark said. Stark pointed out, even with the forensic accounting of Chania lysis, investigators usually only find public fund addresses of stolen funds and not the person or persons who committed the robbery - criminals are usually not even found in the United States or the United States. a country with a repatriation agreement. Cryptocurrency is a type of fraud, money laundering, ransomware attacks, sex trafficking, and drug trafficking, according to Stark .Cryptocurrency is a type of fraud, money laundering, ransomware attacks, sex trafficking, and drug trafficking, according to Stark. "Illegal activity is about 1% of all Bitcoin activity," Neuman said. Whether one sees every crypto as one major Ponzi scam, empowering criminals around the world ("I no longer believe in blockchain" says Stark) or the future of money, technology, and the internet ("We really see a lot of promises in what you can give the secret keys and protect your money yourself, "says Neuman), we have now reached the point of crypto evolution where it seems unlikely that they will disappear or be delayed in obtaining normal discovery anytime soon, making Web 3.0 secure, enforceable, and controlling all priorities not only for local and surrounding communities but also for our financial system and society as a whole. You know, these are not issues I can look up on Google. Said Bevilacqua.