Hacken, a blockchain cybersecurity auditor, says that "unsatisfactory" cybersecurity practices in play-to-earn (P2E) crypto games represent a serious risk to GameFi projects and its players. So, what were the hacks for games like GameFi?
What Are The Hacks For Games Crypto?
Data, according to Hacken, shows that GameFi projects, which include P2E games, frequently "place money before security" by releasing goods without implementing the necessary security measures against hackers:
"GameFi projects [...] do not adhere to even the most basic cybersecurity best practices, providing malicious actors with a large number of attack entry points."
P2E games frequently include non fungible tokens (NFTs) in addition to cryptocurrency in their ecosystems. The biggest initiatives, including Axie Infinity and StepN (GMT), make use of a variety of tools to improve the gaming experience, including token bridges, blockchain networks , and tangible goods.
Based on information gathered by the crypto security ranking service CER.live, Hacken researchers discovered that GameFi's cybersecurity in particular had serious flaws. It was discovered that 16 of the 31 GameFi tokens examined obtained the lowest D security grade, while the AA 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 Hacken's research, GameFi projects frequently received negative scores since no P2E projects had insurance, which might have helped projects quickly recoup funds in the event of a hack.
Are P2E Games Safe?
Chief marketing officer of cryptocurrency insurance company InsurAce, Dan Thomson, told Cointelegraph on Thursday that the company did not cover any P2E projects, which is a partial confirmation of the lack of insurance.
Only two projects have an active bug bounty program, according to the report. Axie Infinity and Aavegotchi both provide bug bounties, which pay out money to ethical hackers who discover errors in the source code.
Finally, it was discovered that just five projects had finished a platform audit, which might have discovered significant security issues throughout the project's whole ecosystem, even though 14 projects had obtained a token audit. Aavegotchi, The Sandbox, Radio World Cas, Alien DeFi Kingdoms are a few of these.
Summary
Remember that investing in P2Es is still a potentially lucrative but very dangerous venture. And, these are the the hacks for games like GameFi.
