What's been going on in Web3 world - and why is Web3 security so...bad?

On the surface, you'd expect a modern and fully decentralized architecture to be much safer than legacy financial systems, but the sheer volume of cyber attacks in crypto-world is staggering. Though the blockchain layer itself is almost impenetrable, the application layer (smart contracts) and user identity layer (custody and wallets) are barely protected at all.

As Eyal Meron, CEO of Spherex technologies likes to say - "Paradise for the hackers, nightmare for the defenders".

This Web3 panel discussion at the Aleph office gathered top industry leaders to discuss security, adoption, and the future of Web3 technologies.

Panelists include:
Tomer Diari, Equal Partner at Aleph
Meirav Harel - International Keynote Speaker and Advisor
Sam (Shmuel) Eiderman - Co-Founder & CTO at Utila
Eyal Meron - Co-Founder & CEO at SphereX
Ouriel Ohayon - Co-Founder & CEO at Zengo

The event featured a mix of Israeli and Dubai-based fintech and crypto experts, who highlighted Israel's strengths in cryptography and cyber defense, essential to Web3's development. Listen as the panelists emphasize the urgent need for institutional-grade security, regulatory clarity, and enhanced user experience to foster mass adoption of blockchain and decentralized finance.

They also reflect on crypto's dual role as both a financial tool for fundraising and a medium for illicit use, underscoring the ethical implications of the technology. Watch till the end for some optimism -  including blockchain's role in peacebuilding through economic opportunity.