The Rise of DeFi Raised the Sound of Security Alerts

DeFi, which has been on the rise with rapid adoption, is an opportunity for many people; It has also become a playground for malicious people.

DeFi, which has been on the rise with rapid adoption, is an opportunity for many people; It has also become a playground for malicious people.

There has been a huge increase in hacking and network attacks in the cryptocurrency market, especially in the past year. Projects’ difficulties in providing network security cause investors to lose confidence. Especially the platforms in DeFi, which has become a million-dollar industry, have difficulties in protecting the cryptocurrencies they contain. Although the crypto world took its precautions, it was not fully sufficient in terms of security. Large companies continue to work to fix security vulnerabilities.

Reflection of the Hierarchy of Needs in DeFi

Cointelegraph from Turkey Hazal Orta“Security”, which is the second step of Maslow’s Hierarchy of Needs, has an important role in DeFi.

According to Maslow, there must be a hierarchy of human needs. This hierarchy is as follows:

  • Physiological Needs,
  • Need for Security,
  • Need for Love/Belonging,
  • Need for Respect/Status,
  • The Need for Self-Realization

It is time to skip the second step for DeFi, which has been completed as a structure and accepted in the market. The hack attacks experienced last year are a serious step for DeFi, which has managed to deal with millions of users.

At the beginning of the big names that come to mind when it comes to cyber security, there are digital security companies that are known all over the world, such as ESET and Kaspersky. Cointelegraph Turkey also received opinions about the abuses that occurred with both companies and what precautions users can take against them.

Security Issues Through the Eyes of Experts

The advantages brought by blockchain technology can turn into a disadvantage in case of any attack. Due to its decentralized nature, one of the biggest problems of blockchain technology is that it is untraceable.

ESET Turkey Information Security Specialist, who stated that we are in the middle of a threat every time we connect to the internet. Ulascan Sahin According to; Whether it’s a metaverse project or a decentralized exchange like MetaMask that we connect to with a wallet, it underlines that when the user wants to connect to any of them, they need to know that some data is sent to the other party’s server. In fact, these can be thought of as fingerprints in the virtual environment. The most common situation is that these fingerprints are captured by the attackers by reverse linking or phishing methods.

Kaspersky’s Chief Data Scientist Vladislav Tushkanov says that the most serious threat is the centralization of all crypto assets owned by a person. As most projects use the Ethereum ecosystem, all of a person’s belongings can be linked to the same wallet. Losing access to the private key in this scenario could also mean losing other assets. TushkanovEmphasizing that users should be very careful about the security of their devices and the key storage drive (KSD), he emphasized that it is vital to always be on the lookout for possible phishing attacks.

Experts agree that raising self-awareness is generally the first step in surviving attacks. In addition, it is a security measure against attacks that the exchanges, wallets and similar platforms used are preferred over the reputable ones.