At the ‘Foresight 2024: Web3 Surfers’ New Year’s Speech’ gathering, co-founder Adam Song of SharkTeam spoke on the security issues facing the Web3 domain. He disclosed that smart contract vulnerabilities account for 85% of losses, with other risks including phishing and rug pulls contributing to the total. By 2024, on-chain risk identification and management will depend increasingly on AI-driven Web3 security products and solutions.
SharkTeam suggested a four-tiered user security framework to mitigate these dangers. Basic security requires users to employ security software, monitor wallets and private keys, keep an eye on centralized exchanges, and govern their own access. Users must perform research, comprehend the project’s TCP/IP, and get knowledge of the core team, product readiness, operational cycles, and financial situation to proceed to the second level, known as basic analysis. Further investigation of the product’s deep data, including its level of decentralization, risks, and market information, is done at the third level, which is referred to as data analysis. Preventing social engineering assaults is the main goal of the fourth level, which also addresses hazards, permission control, and phishing attacks.
