Decentralization is not without its risks. Hence, it is important to be security-conscious in order to keep the hard-earned funds safe. Also, knowledge is a two edged sword in web3. While it is needed to make proper investment decisions, it is equally important to keep the funds safe. Let's take a ride and journey to learning about Web3 vulnerabilities.

What are web3 vulnerabilities?

These are factors and occurrences that make web3 susceptible to attacks.

What is the importance of being aware about web3 vulnerabilities?

It keeps one abreast about web3 vulnerabilities and helps prevent loss of funds.

I'll be listing out ten web3 vulnerabilities which includes:

Improper input validation

Replay attacks/signature malleability

Oracle/price manipulation

Crypto jacking

Phishing attacks

Data manipulation in Dapps

Rug pulls

Code injection attacks

Insecure credential storage

Human errors

1.Improper Input Validation

Input validation is a security practice that involves verifying the integrity,safety and accuracy of data input. This helps to protect data from being manipulated by externals or attackers. However, when the input is not properly validated,it opens up the smart contract to attacks.

In order to prevent occurrences such as this, developers should ensure comprehensive input validation. Also, there should be checks such as checking for boundary conditions, validating data types and sanitizing user input.

2. Replay Attacks/Signature Malleability

Replay attacks occur when an attacker re-enters a valid transaction or message in order to deceive a smart contract into executing a transaction that has already been performed. Signature malleability refers to the ability of modifying a signature without invalidating it. This could occur while encoding data, where some parts are overlooked in a signature.

3. Oracle/Price Manipulation

Smart contracts often rely on external data sources such as oracles,in order to make informed decisions. If the oracles used are manipulated, this could result in improper reward calculation, the ability to borrow more assets than a collateralization ratio allows, incorrect pricing for swaps and other issues that pertain to financial institutions.

4.Crypto Jacking

This occurs when a third party uses someone else's computer to mine cryptocurrencies. It Is the sort of attack that occurs as a result of downloading a malicious document or file . By downloading the software, the attacker gains access to the victims computer and seizes the opportunity to mine. The best way to avoid instances such as this,is to install the most recent software security into one's wallet and computer.

5.Phishing Attacks

Phishing attacks is a kind of social engineering attack that occurs when a person is tricked into signing a deceptive contract. Usually, this sort of attack appears legitimate. However, it is used to trick the user into revealing sensitive information that puts their assets at risk. Also, phishing could also occur when the attacker makes the victim sign a contract.

6 .Data Manipulation in Decentralized Applications (Dapps)

Decentralized applications are applications that run on a blockchain network. That is, they are used to store data such as financial information and other sensitive data. However, when the Dapp becomes vulnerable to attacks,it is susceptible to manipulation or hacks.

7.Rug Pulls

Rug pull is a kind of scam where a project takes or withdraws the investors money and then abandons the project. Rug pulls occur mostly when the project has gained dominance with lots of investors. The investors are often left with nothing.

8. Code Injection Attacks

This could occur when a wrong or harmful code is injected into a smart contract. This can be carried out when the attacker exploits a vulnerability in the contract's code or by tricking the user into executing malicious codes.

9. Insecure Credential Storage

The credentials of users are often stored in smart contracts. However in cases where hackers penetrate into the storage system, such information can be stolen.

10. Human Error

This is the sort of vulnerability that is caused by developers. It occurs as a result of mistakes made by users,developers and auditors.

What are the things we can do to protect our funds?

There are ways to protect ourselves from these vulnerabilities, and they include:

1.Only interact with trusted Dapps.

There are decentralized applications with proven track records of security. These dapps are more preferable.

2. Do your research before investing in a cryptocurrency project.

A thorough research about a project before investing is one of the ways to avoid rug pulls as well as other smart contract issues.

3. The use of strong passwords and two-factor authentication

This prevents third parties from penetrating into your computer and wallet.

4.Keep your software up to date.

Keeping your software up to date fosters security.

5.Be aware of the latest security threats

Being aware of recent happenings such as security threats, keeps one up to date.