The security flaw can bring down the whole blockchain project

 Experts say that blockchain projects develop quickly but with poor security and unstable


 

According to Mr. Nguyen Viet Dinh, CTO of Symper, the level of investment in the security of blockchain projects in Vietnam is not much, creating conditions for many recent attacks. Before the system of Sky Mavis was hacked causing damage of more than 600 million USD, a Vietnamese e-wallet application was also hacked and exposed the KYC (personal information authentication) information of 1, 5 million users. Some GameFi projects in Vietnam are also exploited to generate random numbers on smart contracts. "Most projects only spend 10-20 thousand USD for completing smart contracts, while there is a lack of investment in professional security," Dinh said.

Sharing the same opinion, Mr. Nguyen Minh Duc, CyRadar Director and SecuriChain advisor, said that many Vietnamese blockchain projects are developing fast and hot. "By the time the project becomes popular, heavily invested or profitable, vulnerabilities from the early stages can become dangerous problems, which can lead to system collapse if we develop fast, but the foundation is not solid," advised Mr. Duc.

According to him, this problem does not only occur with Vietnamese projects, but the general situation in the world. "The number of attacks on blockchain-related projects has increased over the past time. In addition to the objective factor of hackers, part of the reason is also because the projects themselves do not care about security," he said.

Security challenge with blockchain project

Duc said that users need to change their thinking that blockchain will be immune to attacks. The decentralized operation of blockchain makes this technology more defensible. However, the protocols and software are all developed by humans, so it is possible for vulnerabilities to exist. He emphasized that the recent attacks actually did not target the blockchain platform, but rather applications such as games, wallets or exchanges and bridges. "These are applications that use blockchain, but are still web and mobile applications and still have the same vulnerabilities as traditional software," said CyRadar Director. “This is also reflected in the fact that blockchain projects have to meet some security conditions before being put on the exchange, but hacks still occur because they are exploited from traditional holes.”
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