EP14 Web3's Dark Side: Unmasking the New Age of Financial Crime

Listen to this episode from Behind the Binary by Google Cloud Security on Spotify. Web3 promised a new era of decentralized finance, but it has also created a new frontier for crime, with thefts and hacks far surpassing those in the traditional financial sector. In this episode, we sit down with experts Blas Kojusner, Robert Wallace, and Joseph Dobson to explore the Wild West of Web3 and decentralized finance (DeFi).But what is Web3? Our episode begins by taking a look at Web3 technologies like DeFi, blockchain, and smart contracts and explain how their very design makes them vulnerable. Our panel will then reveal how threat actors exploit these weaknesses, from crypto wallet key theft and EthHiding to intricate smart contract exploits and web frontend attacks. We'll also highlight some of the major players in the Web3 crime scene, including organized state-sponsored groups.We'll also discuss how organizations can fight back. Our guests will share critical defense strategies, offering actionable steps developers and users can take to protect themselves and their assets from this new breed of financial predator.Read the blog referenced in this episode: https://cloud.google.com/blog/topics/threat-intelligence/examining-web3-heists