Encryption Asset Security: How to Protect Yourself from Hacker Attacks

Recently, we invited Zhou Yajin, the CEO of the blockchain security company BlockSec, to discuss the important topic of encryption asset security. Zhou Yajin shared his rich experience and insights in the field of blockchain security, revealing the main security risks currently faced by the encryption world, and how individuals and institutions can better protect their digital assets.

BlockSec's Scope of Services and Target Customers

BlockSec is a Web3 security company established in 2021, whose business mainly consists of three major sectors:

1. On-chain protocol security: Providing smart contract auditing and security monitoring services.
2. Asset security: Protecting users' assets in contract wallets or on-chain protocols.
3. Compliance and Regulation: Assist traditional financial institutions in entering the encryption space and help regulators oversee these new entrants.

BlockSec's customer base is broad, including on-chain project parties, high-net-worth individual investors, as well as regulatory agencies and law enforcement departments.

Three Suggestions on Encryption Security

For newcomers to the encryption investment field, Zhou Yajing provided three important suggestions:

1. Protect your private key: Store your mnemonic phrase securely in a safe and use trusted dedicated devices to manage your private key.
2. Stay vigilant: Be aware of security when trading on the chain and guard against phishing attacks.
3. Understand the basics: especially the concept of asset security authorization, to avoid mistakenly signing authorization transactions.

Security Principles When Interacting with Blockchain Protocols

When interacting with blockchain protocols such as DeFi, Zhou Yajin suggests:

1. Conduct due diligence on the project party to understand the background of the founders and the technical strength of the project.
2. Adopt a progressive investment strategy to avoid investing large sums of money all at once.
3. Use professional security tools to monitor the protocol security risks of the investment.
4. Ordinary users should be especially vigilant about phishing risks and confirm the authenticity of the official website.
5. Regularly check and revoke unused authorizations to reduce potential risks.

The Current Status and Potential of the Blockchain Security Industry

Currently, the annual market size of the blockchain security industry is about 3 billion USD, which still has a significant gap compared to the traditional cybersecurity industry of 100 billion USD. However, with traditional financial institutions gradually entering the encryption field and the gradual improvement of industry regulations, the blockchain security industry is expected to usher in new development opportunities.

The Moat of Head Security Companies

The competitive advantages of top blockchain security companies are mainly reflected in three aspects:

1. Brand and Trust: Establish a good brand image and user trust within the industry.
2. Security Innovation Technology: Develop security solutions that cover the entire lifecycle of smart contracts.
3. Compliance regulation and geopolitical policy advantages: Deeply understand industry regulatory policies and develop corresponding compliant products and services.

Through this conversation, we gained an in-depth understanding of the importance and complexity of asset security in the realm of cryptocurrency. Whether they are individual investors or institutions, everyone should prioritize and take necessary measures to protect their digital assets. As blockchain technology continues to evolve and its application scope expands, security issues will remain one of the core focal points of this industry.