Last month, Web3 hacking and fraud damage amounted to approximately $22.2 million, with BNB Chain and Ethereum accounting for 83.3% of the total damage among blockchains, according to ImmuneFi's report cited by Crypto Potato. In total, 292 cases of damage, including hacking, have occurred as of October this year, with a cumulative damage estimate of $1.41 billion. 💻🔒💸 #Web3Security #CryptoFraudData

🚀 Web3 security startup Blockaid, founded by former Israeli military cyber intelligence agents, secures $33 million in seed funding. Participants include Sequoia Capital, Greylock Partners, and Cyberstart. 🌐💻 Blockaid claims to have scanned 450 million transactions, thwarted 1.3 million attacks, and safeguarded $7.1 billion in assets. Clients include Metamask, OpenC, Xerion Wallet, and Rainbow Wallet. 💰🛡️ #Blockaid #Web3Security 🌐

**Breaking News:** 🌐🔒 Mysten Labs Partners with Anapaya Systems for Web3 Security Research #BlockchainSecurity - Mysten Labs, the developer of SUI, has announced a partnership with cybersecurity firm Anapaya Systems. As part of the collaboration, Sui will provide investment funds, and both companies will conduct joint research into Web3 security solutions utilizing SCION (next-generation network scalability) technology. 💡💼 #Web3Security

📢 MetaMask teams up with 🔐 Blockaid to introduce anti-hacking warning function, safeguarding user addresses from 🕵️ malicious smart contracts or DApps, and preventing fund theft. Beta out now, official release in November. #bitcoinworld #Web3Security 🚀

🕸️ Cointelegraph reports findings from ImmuneFi, stating that half of the cryptocurrency damage from Web3 attacks last year resulted from Web2 security issues, including private key leaks. Infrastructure problems accounted for the largest share (46.48%), followed by encryption issues (20.58%), and unconfirmed contracts (10.94%). The total cryptocurrency loss due to Web3 attacks in the past year amounted to $3.69 billion. 💻💰 #Web3Security #CryptoRiskAnalysis 🌐

SlowMist unveils a comprehensive incident response service for Web3 projects. In the dynamic landscape of Web3, security is essential. This new service is designed to protect assets and respond swiftly to potential threats. With SlowMist's expertise in blockchain security, you can ensure your Web3 initiatives are safe and resilient. Stay secure and navigate the future of decentralized technology with confidence. #Binance #Web3Security #BlockchainSafety #CryptoProtection

🔻 Understanding KYC in Web3 🔻

KYC (Know Your Customer):

- Used on exchange platforms to prevent financial crimes.
- Requires name, ID, and liveness verification.
- Ensures user identity for security but doesn't guarantee platform safety.

Key Points:

- Platforms with KYC aim for compliance but aren’t always secure.
- Platforms without KYC can still function effectively.
- Completing KYC doesn’t ensure easier rights protection if a platform collapses.

Challenges:

- Anti-KYC tactics are evolving, making liveness verification breaches common.
- Platforms may tighten security, inconveniencing users.
- Technological progress can bring greater threats.

Beyond KYC:

- KYT (Know Your Transaction) monitors transaction processes for added security.
- Identifies suspicious activities and addresses.
- Challenges in subjectively determining abnormal transactions.

User Protection:

- Use cold wallets and independent platform accounts.
- Stay informed and cautious to navigate Web3 safely.

Embrace Web3’s evolving landscape with caution!

#Web3Security #CryptoSafety #KYC #BlockchainSecurity #CryptoCommunitys