Are all the exploits happening in crypto a regular part of new technological development?
Li believes it’s likely that as AI becomes more widely used, it will experience its own security issues, just like Web3 and other forms of transformative technology.
“However, certain AI capabilities may facilitate a more sophisticated suite of attack vectors,” Greisman said. “Whereas traditional financial systems can rely on additional layers of security via centralized servers, a smart contract’s sensitive functions are potentially visible to any user. If there is a bug in a deployed contract, it can be called by anyone at any time,” he added.
“Regulatory measures help establish standards and guidelines for security practices while educating users about potential risks and best security practices helps enhance their ability to protect themselves,” he said.Speaking to Cointelegraph, crypto exchange Kraken’s chief security officer Nick Percoco said that, in his experience, criminals target anything of value to turn a quick profit, and crypto is just one of many assets of value in the world today.
The Global Anti-Scam Alliance has shared data showing that money lost and the number of scams reported worldwide are increasing yearly. Source: Global Anti-Scam Alliance
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