In the go-go space of Web3, security is the ultimate flex. As of the beginning of 2024, almost $3 billion has been lost to hackers and exploits so far. It’s extremely important for all projects to do everything possible to protect their users and assets. OneKey, maker of secure but easy-to-use crypto hardware wallets, knows this better than anyone. That’s why they partnered with BitsLab’s Web3SecuringPlan to double down on their security efforts and protect themselves from both current and future attacks.

BitsLab, famous for building infrastructure and doing security audits for new ecosystems, has released the Web3SecuringPlan. This new initiative is focused on fostering a shared Web3 security through a collaborative defense model. This plan brings together Web3 organizations, white-hat hackers, and law enforcement agencies to share information, best practices, and resources to combat security threats. OneKey joined this initiative to demonstrate its commitment to user safety. We look forward to this effort helping to build a more secure Web3 ecosystem.

OneKey and BitsLab’s collaboration showcases the need for continuous security in the evolving Web3 environment. Security is not a done-once proposition. First, from day one it has to be hardwired into a company’s DNA and it requires active ongoing oversight, management and response. OneKey understood a clear opportunity to bolster security. It deeply engaged with the knowledge and tools offered by the Web3SecuringPlan to improve its security stances. This partnership serves as a model for other Web3 projects looking to strengthen their defenses against the ever-evolving threat landscape.

Why Proactive Security Matters in Web3

The Web3 landscape is a new frontier, full of opportunity, but security threats. In 2024, social engineering attacks such as phishing resulted in more than $600 million in damages. At the same time, smart contract exploits caused over $300 million in damages, reflecting a wide variety and ever-changing nature of such threats. Web3 projects are susceptible to various vulnerabilities like flash loan attacks, governance attacks, and Sybil attacks. In order to address these threats, we must implement a collective defense approach. This complexity requires a new model of proactive security—one that is not reactionary by focusing on threats, vulnerabilities and risks after an incident has occurred.

Proactive security means doing the work to make sure you’re not going to be attacked before an attack is executed. This extends to having regular security audits, penetration testing and vulnerability assessments scheduled. This includes a commitment to being informed about the most recent threats and vulnerabilities, and proactively sharing this knowledge with the greater Web3 community. Web3 projects can lead the way by being proactive. Though limited, this strategy presents a substantial opportunity to address their risk of being hacked or exploited.

Consensus mechanisms, immutable ledgers, public and private keys, and zero-knowledge proofs (ZKPs) are all basic Web3 security features. Vulnerability assessment security auditing platforms like Forta check the general security posture of Web3 applications and look for vulnerabilities. Two-factor authentication (2FA) helps protect against unauthorized access by requiring an additional form of verification beyond just a password. Implementing zero-trust solutions, like Identity and Access Management (IAM), can help manage who has access to what critical information. This process of transaction validation and price limiting further ensures data integrity and prevents tampering. These safeguards, coupled with a proactive approach, can lay the groundwork for a strong security posture for any Web3 project.

How to Participate in the Web3SecuringPlan

Web3 projects can take advantage of the Web3SecuringPlan to greatly enhance their security. In so doing, they pull the whole ecosystem up with them. Here's how your project can get involved:

  1. Reach out to BitsLab: Contact BitsLab to express your interest in joining the Web3SecuringPlan. They can provide you with more information about the program and how it can benefit your project.
  2. Undergo a security assessment: Work with BitsLab to conduct a comprehensive security assessment of your project. This will help identify any vulnerabilities or weaknesses in your security posture.
  3. Implement recommended security measures: Based on the findings of the security assessment, implement the recommended security measures to address any identified vulnerabilities.
  4. Share information and best practices: Participate in the Web3SecuringPlan's information-sharing network to stay up-to-date on the latest threats and vulnerabilities, and share your own experiences and best practices with other members.
  5. Collaborate with law enforcement: Work with BitsLab and law enforcement agencies to investigate and respond to security incidents.

Calling All White-Hat Hackers: Contribute to Web3 Security

The contributions of white-hat hackers are extremely important to protecting the Web3 ecosystem. Their skills and expertise are crucial for discovering and patching vulnerabilities before they have a chance to be exploited by the bad guys. Here's how white-hat hackers can contribute to the Web3SecuringPlan and the broader Web3 security landscape:

  • Conduct security assessments: White-hat hackers can evaluate web applications for issues such as SQL injection, cross-site scripting (XSS), cross-site request forged (CSRF), or other web-related vulnerabilities.
  • Identify and report vulnerabilities: White-hat hackers can identify and report servers, routers, and firewall misconfigurations, as well as weaknesses or vulnerabilities within computer systems, networks, and applications.
  • Participate in bug bounty programs: White-hat hackers can convert technical capabilities into a force to protect the ecosystem through compliant vulnerability submissions and win corresponding bounties.
  • Perform penetration testing: White-hat hackers can conduct penetration testing to identify potential security gaps and help organizations ensure compliance with regulations.
  • Join Web3 security-focused organizations: Organizations like BitsLab, which focuses on infrastructure development and security audits for emerging ecosystems, offer opportunities for white-hat hackers to contribute to Web3 security.

Through these partnerships, Web3 projects and white-hat hackers can work together to develop a more secure and resilient ecosystem that benefits all participants. With OneKey and BitsLab we have united to demonstrate the power of collective defense. In unison, they fight back against constantly-changing adversaries. DeliciousNFT.com challenges every Web3 project to start putting security first. Sign on to efforts such as the Web3SecuringPlan to better protect your user’s data and aid in building a more secure decentralized future!