Major hacks in play-to-earn crypto games are 'a matter of time' – Report
GameFi projects put "benefits before security" and pose great risk to projects and their users.
New
"Inadequate" cybersecurity measures among play-to-earn (P2E) crypto games pose a great risk to GameFi projects and their players, warns blockchain cybersecurity auditor Hacken.
In an Aug. 1 report shared with Cointelegraph, Hacken said data indicates that Gaming Finance (GameFi) projects, the category P2E games would fall into, “often put profits above safety” by posting products without taking proper precautions against pirates.
"GameFi projects [...] fail to follow even the most essential cybersecurity recommendations, leaving malicious actors with many entry points for attacks."
P2E games often incorporate non-fungible tokens (NFTs) into their ecosystems in addition to crypto. The biggest projects, such as Axie Infinity (AXS) and Stepn (GMT) use a wide range of products designed to improve the gaming experience, such as token bridges, blockchain networks or physical goods .
Hacken researchers have found that, based on data collected by cryptographic security ranking service CER.live., there are serious gaps in GameFi cybersecurity in particular. He found that out of 31 GameFi tokens studied, none received the highest AAA security rating, while 16 received the worst D score.
Each project's rankings were determined by weighting various aspects of their cybersecurity, such as token audits, whether they have bug bounty and insurance, and whether the team is public.
The Hacken report explained that GameFi projects generally performed poorly, as he found that no P2E projects had insurance coverage that could help projects recover funds immediately in the event of a hack .
GameFi projects put "benefits before security" and pose great risk to projects and their users.
New
"Inadequate" cybersecurity measures among play-to-earn (P2E) crypto games pose a great risk to GameFi projects and their players, warns blockchain cybersecurity auditor Hacken.
In an Aug. 1 report shared with Cointelegraph, Hacken said data indicates that Gaming Finance (GameFi) projects, the category P2E games would fall into, “often put profits above safety” by posting products without taking proper precautions against pirates.
"GameFi projects [...] fail to follow even the most essential cybersecurity recommendations, leaving malicious actors with many entry points for attacks."
P2E games often incorporate non-fungible tokens (NFTs) into their ecosystems in addition to crypto. The biggest projects, such as Axie Infinity (AXS) and Stepn (GMT) use a wide range of products designed to improve the gaming experience, such as token bridges, blockchain networks or physical goods .
Hacken researchers have found that, based on data collected by cryptographic security ranking service CER.live., there are serious gaps in GameFi cybersecurity in particular. He found that out of 31 GameFi tokens studied, none received the highest AAA security rating, while 16 received the worst D score.
Each project's rankings were determined by weighting various aspects of their cybersecurity, such as token audits, whether they have bug bounty and insurance, and whether the team is public.
The Hacken report explained that GameFi projects generally performed poorly, as he found that no P2E projects had insurance coverage that could help projects recover funds immediately in the event of a hack .
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