Rewarding hackers who agree to return a portion of the stolen funds not only “creates a moral hazard” but potentially “leads to more security breaches,” a Web3 expert has argued. The recent attacks on Kronos and Kyberswap, as well as the subsequent attempts to engage the hackers, are said to demonstrate why victims of attacks should not rely on appeasing the exploiters.
Effectiveness and Importance of Code Audit
According to the latest Immunefi crypto losses report, cybercriminals successfully siphoned over $1.7 billion from decentralized and centralized digital asset exchange platforms in the first eleven months of 2023. The thefts have been carried out via hacking, phishing attacks, and outright fraud.
Such attacks have increased in their frequency and boldness over the past few months, leading many, including proponents of decentralized platforms, to question the effectiveness of code audits or how users’ funds are secured. Still, others like Davinder Singh, the CTO at the
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