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According to a cybersecurity auditing firm, GameFi initiatives prioritize business before security, posing a significant threat to the projects and their users.
Hacken, a blockchain cybersecurity auditor, says that "unsatisfactory" cybersecurity procedures among play-to-earn (P2E) crypto games constitute a significant threat to GameFi projects and their players.
Hacken stated in research released on Monday and shared with Cointelegraph that data reveals GameFi projects, the category under which P2E games would come, frequently "prioritize revenues over security" by launching goods without taking the necessary protections against hackers.
“GameFi projects […] do not follow even the most essential cybersecurity recommendations, leaving malicious actors numerous entry points for attacks.”
In addition to crypto, P2E games frequently include nonfungible tokens (NFTs) in their ecosystems. The major projects, such as Axie Infinity (AXS) and StepN (GMT), utilize various items to improve the game experience, such as token bridges, blockchain networks, and basic stuff.
Hacken researchers determined, based on data obtained by the crypto security ranking service CER.live, that GameFi’s cybersecurity was severely lacking. None of the 31 GameFi tokens examined achieved the highest security rating of AAA, while 16 obtained the lowest D score.
The rankings for each project were calculated by weighing several factors of its cybersecurity, such as token audits, the presence of a bug bounty and insurance, and whether or not the team is public.
Hacken’s research indicated that GameFi projects often received a low grade since none of the P2E projects had insurance coverage that would allow them to recoup payments in case of a breach.
Dan Thomson, the chief marketing officer of crypto insurance company InsurAce, told Cointelegraph on Thursday that the company does not cover any P2E projects.
According to the study, only two projects have an active bug bounty program. Axie Infinity and Aavegotchi feature bug bounties that compensate white hat hackers financially for discovering defects in the project’s source code.
Lastly, it was discovered that while 14 projects have undergone a token audit, only five have completed a platform assessment, which might identify significant security flaws throughout the project’s ecosystem. Aavegotchi, The Sandbox, Radio Caca, Alien Worlds, and DeFi Kingdoms are other examples.
The research also identified token bridges as a P2E gaming vulnerability. In March, Axie Infinity’s Ronin token bridge was the target of one of the greatest cyberattacks in the history of the cryptocurrency industry, when over $600 million in tokens were stolen.
Hacken predicted that as the popularity of P2E games grows, the number of security exploits and cash value taken from projects will increase. Before investing significant sums of money in projects, the company recommended that players do their security audits.
Moreover, keep in mind that investing in P2Es remains a potentially lucrative but dangerous endeavor.
On Wednesday, Miles Deutscher, a crypto expert, posed the rhetorical question of where the next crypto security worry would originate. Deutscher may have his answer:
