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2023 has been characterized by bearish conditions flattening markets and a heavy focus on regulation and compliance through the lens of the large-scale collapses and fraud incidents in 2022.
However, things are rarely quiet for long in this industry, and change is already in the air. While the question of jail time for Sam Bankman-Fried and Changpeng Zhao may still be outstanding, the drama of the legal battles appears to be largely settled, and the sector is buzzing with anticipation of a new bull market as it looks ahead to the year ahead. An expected spot ETF approval and the upcoming Bitcoin halving are both adding to rising speculation.
While a change in market conditions is good news, it inevitably brings fresh challenges for web3 security professionals. Here are three macro trends that will shape the web3 security landscape in the upcoming year.
Hacks and scams on the rise
Cybercrime activity in web3 has an unfortunate tendency to follow the ebb and flow of the markets. According to the US Federal Trade Commission, losses to crypto scams in 2021, when Bitcoin (BTC) reached its all-time high, were sixty times the levels seen in 2018. However, the most recent data from Chainalysis suggests that scam activity dropped by as much as 77% in 2023 compared to the previous year.
However, Chainalysis notes that certain types of scam activity, notably impersonation scams, are actually showing an increas
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