Meetup — Uncovering the Thriving Underground Cybercrime Economy in Web 3.0

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AGENDA

• 6.30pm: Registration & Networking (30mins)
• 7.00pm: Introduction & Announcement (20mins)
• 7.20pm: Uncovering the Thriving Underground Cybercrime Economy in Web 3.0
• Till Late: Networking

SPONSORS

• MEETUP VENUE SPONSOR: CyberSG TIG Collaboration Centre
• MEETUP F&B SPONSOR: Decentraland
• DIV0 SUSTAINING OFFICIAL SPONSOR: Red Alpha Cybersecurity

ABSTRACT
Since 2016, the user base of cryptocurrency owners has surged from 5 million to 425 million as of early 2023. In 2021, the cryptocurrency sector reached an all-time high (ATH), briefly surpassing $3 trillion in Total Value Locked. This growth was driven by a surge in investment from both retail and institutional players, who were drawn to the potential of blockchain technology and the projects built upon it. Notably, substantial sums ranging from thousands to millions of dollars were being exchanged for digital assets, encompassing both fungible and non-fungible tokens (NFTs).

With the considerable influx of funds into the Web 3.0 ecosystem and the subsequent rise in user adoption, a darker side emerged as criminals seized the opportunity to exploit the sector for illicit gains. Since 2018, malicious actors have managed to abscond with over $30 billion worth of digital assets. These thefts have been executed through a variety of methods, ranging from the exploitation of vulnerabilities within smart contracts to leveraging human traits like greed and curiosity.

The purpose of this presentation is to offer a high-level overview of Web 3.0, encompassing its market landscape and the associated threat landscape. By delving into the types of malicious actors active within this sector, their operational methods, real-world case studies, and showcasing the thriving underground economy that has yielded profits in the billions, a holistic understanding of the situation emerges. Furthermore, this talk will delve into the technical challenges that authorities may encounter and conclude with recommendations aimed at safeguarding digital assets for those engaging within the Web 3.0 ecosystem.

BIOS
Ragnar0k (not the speaker's real name) currently works as an intelligence analyst in a cryptocurrency exchange and web3 organization.

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