The CMC hack may seem yet another case of a data breach, this was different. This is when the entire Web3 community received what can only be described as a gut punch. If you still think this issue isn’t relevant to you, think again. We’re discussing people’s lives and livelihoods here, not some theoretical small impact. I’m referring to a single mother. She put in all of her life savings, hoping to give her children a better future, only to see it vanish overnight in a scam using a fraudulent wallet link. The retiree was under the impression that crypto would provide for his financial future. Now, he deals with the pigment of those sham and misanthropy to have been had.

Let's get one thing straight: this wasn't some lone wolf hacker in a basement. This was not only a dangerous sophisticated supply chain attack. Rather, these bad actors took advantage of a vulnerability in a widely utilized, trusted third-party tool used by CMC. That little “doodle” picture? Uh huh, that was the entrance. Now imagine finding out that your bank had just been hacked. Even worse yet, they had previously depended on a defective lock from a very familiar and trusted brand! It’s not only clear in its call to action. IT exposes systemic vulnerabilities, not just a single point of failure.

It has to make you wonder: how many other seemingly legitimate platforms are just as vulnerable? How many are one hacked script or admin login away from crashing your servers, draining your wallet.

The emotional toll from this type of attack is heartbreaking. Beyond the financial loss, there's the feeling of betrayal, the erosion of trust, the nagging doubt that you'll ever be safe again. You may argue that the $43,266 stolen is a drop in the bucket. For the 110 victims, it represents so much more than just that amount of money. It represents shattered dreams and broken promises.

This is where the “community empowerment” angle becomes relevant. After all, this Web3 revolution is meant to be all about decentralization, about returning power to the people, right? What do we do when the people are the ones getting burned? Instead, are we building a new financial system that leaves everyone behind but the mercurial and rich? In doing so, it leaves the rest of us vulnerable to phishing attacks and hacks.

We need a shift in mindset. Security should not come as an afterthought. It should be integrated into the core of Web3. And it shouldn’t be left up to centralized entities such as CoinMarketCap to do so. We, the community, need to step up.

Think about it this way: if your neighborhood was plagued by burglaries, would you just sit back and wait for the police to solve the problem? Would you ever sign up for a neighborhood watch? For instance, you might educate your neighbors about risks or do more to defend your individual home from future disasters. And that’s the kind of real, grassroots, collaborative vision that we all want to see in Web3.

You’ll be assisting with decentralized autonomous organizations (DAOs) involving cybersecurity. Beyond this, you’ll take part in bug bounty programs and contribute to educational resources that empower people to be safe online. Pass on what you’ve learned as well as what you’ve done. Guide newcomers. Forgive people who are new to crypto for a lot, because they’re often intimidated by the sci-fi world of crypto.

Now imagine a world where every Web3 platform is supported by an active community of security researchers and ethical hackers. These highly trained specialists conduct tedious reviews of code to identify vulnerabilities and stop attacks before they start. Picture that empowering world, where users are the drivers of their own security. They have the clear, concise, trustworthy information that they need to make informed choices.

That's the power of community empowerment. Not waiting for new saviors to descend from on high, this is how we should be thinking about building a collective defense. We’re calling for increased transparency and accountability from these centralized platforms. CMC's response – acknowledging the attack, removing the malicious content, and implementing mitigation measures – is a step in the right direction, but it's not enough. We shouldn’t accept that — we should demand continued vigilance and a dedication to putting users’ safety first. They need to be proactively engaging with the community on this, as opposed to putting out statements after the material.

Unfortunately, the recent CoinMarketCap hack was a painful reminder. The truth is, Web3 faces the same security challenges as the traditional internet. Yet it was a chance for us to emerge, build back better, and create a more secure and inclusive tomorrow. We cannot afford to let this wake-up call be squandered. Join us in building a more equitable Web3 ecosystem, so everybody can take part with confidence.

Because, quite frankly, if we don’t, we’re not changing anything—we’re building a house of cards that is destined to come crashing down. And when it does, it won’t be only a handful of wallets that are drained. And it will be the whole underpinning of trust that makes Web3 not only possible, but desirable. And that’s something we can’t afford to lose.

That's the power of community empowerment. It's not about relying on saviors; it's about building a collective defense. We need more transparency and accountability from centralized platforms. CMC's response – acknowledging the attack, removing the malicious content, and implementing mitigation measures – is a step in the right direction, but it's not enough. We need to demand ongoing vigilance and a commitment to user safety. They should be working with the community, not just issuing statements after the fact.

Your wallet's safety is your responsibility

So, what can you do right now?

  • Educate yourself: Learn about the common scams and hacks in the Web3 space. Understand how wallet drainers work and how to avoid them. (Mozilla's efforts to detect wallet drainers in Firefox add-ons are a good start, but you need to be proactive.)
  • Be skeptical: Never click on links or connect your wallet to websites you don't trust. Double-check the URL before entering any sensitive information.
  • Use a hardware wallet: Hardware wallets provide an extra layer of security by storing your private keys offline.
  • Spread the word: Share your knowledge with others and help them stay safe online.

The CoinMarketCap hack was a painful reminder that Web3 is not immune to the same security challenges that plague the traditional internet. But it was also an opportunity for us to learn, grow, and build a more secure and inclusive future. Let's not let this wake-up call go to waste. Let's work together to create a Web3 ecosystem where everyone can participate with confidence.

Because, let's be honest, if we don't, we're just building a house of cards waiting to collapse. And when it does, it won't just be a few wallets that get drained. It will be the entire foundation of trust that Web3 is built upon. And that's a loss we simply can't afford.