Security alarms are ringing once again in the Web3 world. Over $100 million vanished in just two days as UXLINK and SFUND suffered back-to-back hacker attacks, exposing the assets of many users to risk. Hearing such news can be anxiety-inducing and leave you feeling helpless.

Don't worry, this article isn't meant to amplify panic. Instead, it's your personal 'first-aid kit.' We will break down the events in the simplest terms and provide a clear, actionable guide for self-rescue and prevention to help you respond calmly and protect your digital assets.

The UXLINK and SFUND Attacks: What Happened?

You might be wondering how these seemingly professional hacks actually happen. Simply put, this series of attacks exposed some weak links in the projects' technical and security management.

Imagine a decentralized application's (DApp) 'smart contract' as a sophisticated safe that operates automatically based on preset rules. The problem this time likely stemmed from an undiscovered loophole in the safe's 'rulebook.' The hackers didn't brute-force the door open; instead, like clever lawyers, they found a hidden clause in the rules and 'legally' had the safe transfer assets to their own address.

For ordinary users, we don't directly interact with this complex code, but our assets are stored in or interact with these 'safes.' Therefore, when a project's own security defenses are breached, users' assets are directly threatened. According to statistics from blockchain security firm PeckShield, losses from hacker attacks in May 2024 alone amounted to $574 million, highlighting the severe security challenges in the current Web3 environment.

Emergency Self-Check: Are My Digital Assets Affected?

After a security incident like this, the most crucial step is to immediately conduct a self-check to confirm if your assets are safe. Follow these steps for a comprehensive 'asset health check.'

1. Check and Revoke Suspicious Authorizations

   • What does this mean? Every time you interact with a DApp, such as for a trade or staking, you might need to 'authorize' it to access certain assets in your wallet. It's like giving your car keys to a valet; they can only park your car, not drive it away. But if the 'valet' (the DApp) itself is compromised, a risk arises.

   • What should you do? You need to immediately use a professional blockchain explorer or an allowance management tool to check which contracts your wallet address has granted permissions to. If you find any authorizations from recently attacked projects, or any you don't recognize or no longer use, 'Revoke' them immediately. This is like taking back all the keys you've handed out, cutting off the source of risk.

2. Review Wallet Transaction History

   • What does this mean? Every transaction from your wallet address on the blockchain is publicly viewable.

   • What should you do? Open a blockchain explorer (like Etherscan), enter your wallet address, and carefully review your 'recent transaction history.' Pay close attention to any asset transfers that you did not authorize. If you find anything unusual, it could mean your wallet is at risk of being compromised.

After an Attack: Key Remedial Steps to Minimize Losses

If your self-check unfortunately reveals that your assets have been affected or your wallet is at high risk, stay calm and take the following remedial actions immediately.

1. Create a New Wallet and Transfer Assets Immediately If your wallet shows unauthorized transactions, or if you strongly suspect your private key (or seed phrase) has been compromised, the wallet is no longer secure. The most critical action at this point is to immediately create a brand new wallet address on a new, clean device, and then transfer all remaining assets from the old wallet to this new address as quickly as possible.

2. Disconnect Everything After transferring your assets, stop using the compromised old wallet immediately. Remove it from all devices and browser extensions to ensure it cannot be used for any new operations, preventing the risk from spreading.

3. Beware of 'Secondary Scams' Scammers are often highly active after an attack. They might impersonate project customer service, security experts, or even other victims, contacting you via direct messages on social media or in community groups, claiming they can help you 'recover your assets.' Remember, anyone who proactively contacts you and promises to restore your losses is almost certainly a scammer.

Prevention is Better Than Cure: How to Comprehensively Strengthen Your Personal Crypto Asset Security

After experiencing a risk event, it's even more important to learn how to build a strong personal security defense from the ground up. It's never too late to mend the fence.

• Use a Hardware Wallet for Large Asset Holdings Think of a software wallet (like a browser extension or mobile app wallet) as your everyday 'pocket wallet' for small amounts and convenient use. A hardware wallet, on the other hand, is like an offline 'bank vault.' It stores your private keys on a device that is physically isolated from the internet, connecting only via USB or Bluetooth when you need to make a transaction. This 'cold storage' method significantly reduces the risk of your private keys being stolen by online hackers and is the best choice for protecting large, long-term holdings.

• Guard Your Seed Phrase Like Your Life Your seed phrase is the only way to recover your wallet and is the ultimate proof of ownership of your assets. Remember this rule: never store your seed phrase in any digital format (screenshots, photos, notes, chat logs) on any internet-connected device. The best practice is physical backup: write it down on paper and store it in multiple secure, fireproof, and waterproof locations.

• Develop a Habit of Regularly Reviewing Authorizations Interacting with DApps is part of exploring Web3, but this doesn't mean authorizations are a 'set it and forget it' affair. It's advisable to get into the habit of regularly checking and revoking unnecessary authorizations on a monthly or quarterly basis. Only keep authorizations active for applications you are currently using to minimize your attack surface.

Learning from Recent Security Incidents: Core Risk-Aversion Principles for Web3 Users

From incidents like 'over $100 million lost in two days as UXLINK and SFUND suffer back-to-back hacks,' we must not only learn how to respond but also distill core principles for long-term survival in the Web3 world.

1. Principle One: Stay Skeptical, Verify Everything Do not blindly trust any links, airdrops, or partnership information from unverified sources. Before interacting with any new project, take the time to cross-verify through multiple official channels (like the official website and social media). 'Don't Trust, Verify' is the golden rule of Web3.

2. Principle Two: Knowledge is the Best Defense Improving your understanding of blockchain fundamentals is your most powerful weapon. When you understand what wallets, private keys, and authorizations are and how they work, you can fundamentally identify most scams and risks. Keep learning to ensure your knowledge keeps pace with this rapidly evolving industry.

3. Principle Three: Isolate Risks, Diversify Management Don't put all your eggs in one basket. This is an old but still effective piece of wisdom. You can use multiple separate wallets to diversify risk: one for high-risk, small-fund explorations; another for interacting with reputable, frequently used DApps; and a hardware wallet for long-term storage of large assets. This way, even if one wallet is compromised, the losses can be contained to a minimum.

The decentralized world of Web3 is full of opportunities and innovation, but it is also a domain where users must take responsibility for their own security. Through continuous learning and practice, we can navigate this blue ocean more safely. Choosing well-known and reputable platforms for learning and experience is the first step to securely exploring this new frontier.

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