Open Source Software Needed to Prevent Future Crypto Hacks, Says Polygon CISO – TechCrunch

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The Rhythm of Crypto hacks didn’t slow down during the scorching days of summer, with tens of millions of dollars stolen in August alone. As the crypto community continues in the wake of costly exploits, many web3 users are biting their tongues waiting for the next big thing to strike.

On August 1, Nomad, a crypto-bridging protocol, was hacked for around $190 million. (Crypto bridges allow users to transfer a token from one chain to another on a different blockchain.) In a separate incident just a day later, more than 8,000 Solana-focused crypto wallets were emptied of their funds. Earlier this week, Curve.Financea decentralized finance protocol, was hacked for around $570,000 – nominal compared to the Nomad exploit but remarkable nonetheless.

“We want people to look at our codebase, inspect it, and find bugs in it so it can be improved. We want everyone to collaborate together. Polygon Mudit Gupta

As 2022 continues to pile up costly exploits, many people in the crypto space are wondering what can be done to prevent these hacks in the future. Sure, they may stress the importance of education and protecting your own digital assets, but what else?

The answer could be through projects using open-source software, Mudit Gupta, chief information security officer at Polygon, the layer 2 blockchain, told TechCrunch.

The Solana wallet incident happened because of a stupid mistake, Gupta noted. “Anyone can do it; we are only human. But if it had been built on open source software, it would have been intercepted almost immediately and the product would have been much safer.

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