[CHAINALYSIS PODCAST EPISODE 36] Web3 Security and Crypto’s $10 Billion Problem

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Episode 36 of the Chainalysis Public Key podcast is here! We talk with two senior investigators from Chainalysis, Adam Hart and Julia Hardy, about the many scams plaguing Web3 and how collaboration can be the solution to the $10 billion crypto problem.

You can listen or subscribe now on Spotify, Apple or Audible. Keep reading for a full preview of episode 36.

Public Key Episode 36 Preview: Resolving Web3 Security Issue

If you listen to this podcast, then you’ve probably heard a lot about the Ronin Bridge hack, or the Wormhole Protocol attack, and probably the Colonial Pipeline ransomware attack, but have you heard of the Scam That Affected Tens of Thousands of MetaMask Wallet Users and Stealed Over $200 Million in Funds?

On this podcast, Ian Andrews (Marketing Director, Chainalysis) is joined by colleagues from the Chainalysis Investigations team, Adam Hart and Julia Hardy. This episode was recorded right after they returned from presenting their research at DevCon Bogota, the biggest gathering of Ethereum developers this year. The discussion covers the mechanics of one of the major crypto scams, the investigation process, and the enthusiasm of the Ethereum community to help solve this problem.

Quote from the episode

We are all part of this community. We all try to make it grow. We are trying to attract more users. We’re ultimately trying to improve people’s lives, I think, through better access to the financial system. But if the result is that you get scammed, you lose your NFTs, you lose your Ethereum, that’s bad for all of us. It doesn’t matter if you are developing a protocol or working on the Ethereum core network. Like, nobody wants that to happen. – Ian Andrews (Director of Marketing, Chainalysis)

Minute-by-minute episode breakdown (1:31) Recap of Devcon Bogota 2022. Highlighting Ethereum-focused developers and blockchain community (3:25) Identifying consumer protection as the big elephant in the room for the Ethereum community (6:34) Balancing the core blockchain ethos of decentralization with stopping bad actors and protecting consumers and institutions trying to operate in the space (9:50) – Analysis of the USDT endorsement scam identified by MetaMask (14:05) Identification of withdrawal points used by scam operators (17:55) How the USDT endorsement mining scam has similar characteristics to the emerging scam Pork Butcher Shop (21:25) – MetaMask and OpenSea Collaborate to Educate Users on How to Use a Wallet and Access Web3 (25:25) – Blockchain Investigative Tips for Prosecuting illicit activities on digital asset networks

Check out more resources provided by Chainalysis that perfectly complement this episode of the public key.

Speakers on today’s episode

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