Calling All CEOs And Web3 Project Leaders: Team Members Are Stealing, Are You Safe?
We’ve seen it happen too many times to count. Just a few weeks ago, Pepecoin team members ran off with $15mm in a heist. Unbeknownst to the community, leaders were suspiciously transacting prior, but no one knew and no one could detect that they were up to no good. The examples are endless:
A project gets rug pulled by the founders.
An employee drains the treasury funds.
Team members run away with assets.
A wallet or account gets compromised and wreaks havoc on your company.
A large shareholder quietly sells-off and tanks the market value.
As your company grows in value and reputation, so too does the importance of risk management. You - the leader of the team, the manager of the funds, investors, and community members - have a responsibility to keep it all safe.
The blockchain has enabled new ways to interact, and new ways to store value. We have tokens that represent governance. We have self-managed stores of funds and digital assets. Whether it be MPC, multisig, EOA, or otherwise, these avenues are powerful - and come with a host of new considerations.
Today, we’re calling to arms - all Web3 leaders should be monitoring their team’s (and partners) wallets using tools like Webacy Wallet Watch.
Monitoring Mission-Critical Accounts
How frequently do you look at your treasury? Are you aware of which tokens in your company’s multisig are spam versus legitimate? If someone else were to move something in your company wallet, would you know it was happening?
As founders and asset managers, these are questions we should be asking ourselves regularly. The blockchain space is still growing and developing, and just like in web2, there may be zero-day vulnerabilities out there that have yet to be discovered - which may affect services that we think we can rely on.
Monitoring important accounts like treasury wallets, payment accounts, bots, and others enable transparency across organizations and allow you and your team to verify changes as they occur.
Monitoring Mission-Critical Wallets (Web3 Endpoint Monitoring)
Let’s say you have a team multisig that acts as your treasury. Or you require a multisig to deploy changes to your company smart contracts (which, you should). Who, then, monitors the safety and risk of those signing wallets?
Do your team members separate their company wallets from their private ones? Or do they do it all in one because “it's easier?” You’d be surprised by how many people use personal wallets for conducting business.
Consider large shareholders in your network, such as investors that hold a lot of tokens, or founding members that have access to tokens or rights to tokens over a vesting period. In many cases, these accounts can influence the overall protocol. As a project founder - it's in your best interest to know what these wallets are doing in and around your precious tokens.
Use Case - Webacy Team
TLDR; we’ve built the solution.
Webacy is the ultimate risk management suite of products for wallets - integrated as a customer-facing suite, or for developers as API’s.
I’ve set up monitoring (via SMS and email) on all of our treasury, signing, and team accounts that have any responsibility over company assets or functions. It took me less than 5 minutes to complete the Webacy sign up.
Thanks to Webacy, I’m made immediately aware of any state changes on our company accounts. With Webacy’s enhanced Risk Engine, I’m also notified of any changes in the accounts' risk, which could stem from activity, tokens in the wallet, approvals associated with the account, and more.
I urge all team leaders, or truly, anyone who manages digital assets, to use Webacy and increase the overall risk posture of your organization and holdings. It’s free to get started.
More Than a “Nice to Have”
With safety and risk mitigation needs growing, even the SEC has ruled on greater requirements for cybersecurity. We can no longer afford to “mess around and find out” when it comes to our wallets. Leaders have a real responsibility to all stakeholders involved, financially and otherwise, to take preventative action.
As a team leader, CEO, c-suite, founding member, etc., take the time to review your security posture and implement changes that will serve you and your organization in the long run. Let's make Web3 safer together.
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About Webacy
At Webacy, we go beyond monitoring.
Our approach is three pronged: Assess, Monitor, and Act. Assess enables you to assess the risk of wallets overall, understand their propensities, and ultimately their risk as a first party or counter party. Assess goes beyond the traditional KYC to use AI and behavioral data to create a personality profile of a wallet and set of wallets. Monitor enables users to self-monitor their own suite of wallets with transaction and approval notifications, so that they’re aware of every transaction and approval. And Act allows users to set up backups so they never lose access to their valuable assets.
The Webacy security suite is increasingly powerful, and completely seedless and non-custodial. Your keys, your crypto.