Research Summary
This report is a letter from Zeneca, a prominent figure in the NFT community, discussing a recent security breach that affected his Twitter account and led to a phishing attack on his followers. Zeneca details the incident, the community’s response, and his thoughts on the responsibility of individual users in maintaining their security in the decentralized web3 environment. He also discusses the issue of compensating victims of such attacks, arguing that while empathy drives a desire to compensate, it may not be sustainable or ultimately beneficial for the community.
Actionable Insights
- Improve Personal Security: Zeneca emphasizes the importance of personal responsibility in maintaining security in a web3 environment. He recommends tightening security measures, such as using hardware devices for 2FA.
- Educate on Best Security Practices: There is a need for better education on security practices and wallet safety in the crypto space, especially for new participants who may not be familiar with the technical aspects of blockchain technology.
- Improve Infrastructure: Zeneca suggests that improvements at the infrastructure level can help mitigate the damage from attacks like the one he experienced. He is optimistic about solutions being developed to reduce the efficacy of such hacks.
- Reconsider Compensation Practices: Zeneca argues against the practice of projects fully compensating victims of attacks, stating that it is unsustainable and may discourage individuals from learning about personal security. He believes that the responsibility should be on the individual user.
