Crypto-gaming – “Unsatisfactory” security in the face of inevitable major hacks

The latest hack suffered by the Solana network is just another reminder: the cryptocurrency sector is vulnerable to malicious attacks. Just look at the number of exploits that DeFi regularly falls victim to. And the ever-increasing amounts diverted in favor of unscrupulous little smarties or more organized groups. The latter follows the successive migrations of hordes of investors and liquidity providers to pump out all the funds at the first opportunity. And according to some cybersecurity specialists, the next prime target could be the crypto-gaming sector, with a special mention for play to earn (P2E).

The cryptocurrency industry certainly cannot ignore the security issues that constantly threaten its integrity. With the main target right now, decentralized finance (DeFi) and tens of millions of dollars embezzled that ends up representing billions of dollars in losses by the end of the year. A reality whose origin very often boils down to a certain levity on the part of the developers responsible for the compromised projects. As in the recent case of the Solana network, alleged victim of the questionable handling of the private keys of users of the Slope wallet.

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A migrating phenomenon that moves with investors’ funds within cryptocurrencies. And one of whose targets that have become historic is none other than sidechain Ronin (RON) in the emblematic play-to-earn game Axie Infinity (AXS, SLP). With an attack whose dismal record points to more than $600 million in losses as of March last year. But according to the Hacken structure, which specializes in cybersecurity auditing of blockchain versions, this would only be the start of something much worse to come for the crypto-gaming sector.. Explanations…

Play for Profit – Security deemed “unsatisfactory”

First of all, it seems important to clarify that this Hacken structure preaches for its parish. And the risks cited in its latest report partly justify calling on its services to address them. Nevertheless, the status prepared in the field of crypto-gaming is causing concern for investors. Especially considering that the trend is sometimes more speculation than construction in the cryptocurrency sector, all sectors combined.. A fact noted by Hacken specialists who summarize this as putting “benefits before safety”. Because on this last critical point, the balance presented is simply alarming.

GameFi Projects […] fail to follow even the most essential cybersecurity recommendations, leaving malicious actors with multiple entry points for attack. »

The hack

In fact, the crypto-gaming (or GameFi) sector often integrates the use of NFT tokens. But also the implementation of native cryptocurrencies to allow the proper internal functioning of its many projects and their ecosystems. With, in some cases like Axie Infinity, the use of bridges to be able to assert ambitions across chains. So many elements that contribute to the innovative nature of this digital economy, but also an accumulation of weak points according to the Hacken report. Because the data collected by the specialized structure seems unequivocal: there are serious cyber security holes.

GameFi – A Security Score D

Because the results assigned to the projects submitted for this analysis are simply terrifying. Take effect, of the 31 studied cryptocurrencies in the GameFi sector, none received the highest AAA security rating. And at the same time, 16 of them cannot claim more than a score determined by the letter D. This is largely due to the fact that no serious revision has been carried out. Or the fact that no bug bounty pays for identifying bugs by whitehat hackers, which is only the case for Axie Infinity and the Aavegotchi (GHST) project in the Aave (AAVE) protocol. And finally, no insurance coverage in case of hacking and loss of users’ funds. It’s true, what the…

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Another important point, only 5 of the projects examined in this report actually achieved a proper platform audit. That is, a protection – admittedly entirely theoretical – that makes it possible to detect potential security breaches in all their ecosystems. A list that includes games to earn games Aavegotchi (again), The Sandbox (SAND), Radio Caca (RACA), Alien Worlds (TLM) and DeFi Kingdoms (JEWEL). This represents the rather worrying ratio of 1 project in 6 in the list of those tested during this security scan.

And the balance established by the Hacken structure is simple and unequivocal. As the crypto-gaming sector gains visibility, the risk of attack will inevitably become more significant and critical.. Especially if the projects do nothing to strengthen their ability to deal with this kind of setback, which is more likely than just hypothetical. Because in this case, the emergence of large-scale hacks comes down to a simple matter of time…

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