Key Takeaways
- Hacken warns strongly about the ineffective and porous cybersecurity measures found in P2E crypto games.
- GameFi projects rates profit way higher than security.
Recently a cybersecurity auditing organization stated that GameFi projects regard profits and care little about security which acts a massive threat to users and the projects. Hacken, blockchain cybersecurity auditor warns strongly about the ineffective and porous cybersecurity means incorporated by the play-to-earn (P2E) crypto games as a great endangering factor to gamers and GameFi projects.
The Weak Cybersecurity Measures of P2E crypto games
Cointelegraph released a statement about the current situation on Monday, stating that collated data hints that GameFi projects more than often rates profit way higher than security, thus the reason for the release of products without ensuring the necessary safety measures are in place to fight off attacks from hackers.
P2E games frequently include nonfungible tokens (NFTs) and cryptocurrency in their ecosystems. The most prominent projects, including Axie Infinity (AXS) and StepN (GMT), use various tools to improve the gaming experience, including token bridges, blockchain networks, and tangible goods.
Buy and Sell Crypto Fast
Based on information gathered by the crypto security ranking service CER. Hacken researchers discovered that GameFi's cybersecurity, in particular, had serious flaws. For example, it was found that 16 of the 31 GameFi tokens examined obtained the lowest D security grade, while none received the highest AAA security rating. Rankings for each project were calculated by allocating weights to several cybersecurity factors, such as token audits, insurance coverage, bug bounty programs, and team transparency.
According to the report, only two projects have an active bug bounty program. Axie Infinity and Aavegotchi provide bug bounties, which pay out money to ethical hackers who discover errors in the source code. Finally, it was found that just five projects had finished a platform audit, which might have located significant security issues throughout the project's whole ecosystem, even though 14 projects had obtained a token audit. Aavegotchi, The Sandbox, Radio Caca, Alien Worlds, and DeFi Kingdoms are a few of these.
Share the Gist - Share the money
Token bridges were also mentioned in the study as a P2E gaming vulnerability. When it lost more than $600 million in tokens in March, Axie Infinity's Ronin token bridge experienced one of the biggest hacks in the history of the cryptocurrency industry. According to Hacken, more security flaws and money will probably be taken from projects as P2E games gain popularity. So before investing a sizable number of funds in a project, the company has recommended players to conduct their security check on it.
Finally, the next crypto security issue that might arise was a hypothetical question posed by crypto specialist Miles Deutscher on Wednesday. Deutscher could know the solution. Let us know what your thoughts are about this in the comment section below.
