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Computer Science, Cryptography and Security

NFTs at Risk: A Guide to Common Security Threats and How to Mitigate Them

NFTs at Risk: A Guide to Common Security Threats and How to Mitigate Them

Summary: The article discusses the importance of collecting data for academic papers and security reports on non-fungible tokens (NFTs). The authors explain that they used a systematic approach to gather materials from reputable sources, including academic databases and blockchain security companies. They collected all relevant materials and engaged two Ph.D. students to review them meticulously. The review process ensured accuracy and eliminated potential biases. The authors recognized the limitations of relying solely on initial search terms and provided a comprehensive analysis of NFT security incidents or issues. They demonstrated the effectiveness of their approach by analyzing $34 million locked due to contract vulnerabilities in Akutar, a decentralized finance (DeFi) platform. The article highlights the significance of collecting data from various sources to gain a deeper understanding of NFT security risks and propose effective solutions.