Web3's promise is that we'll have all of the benefits of the internet, but with more privacy and a blockchain-based architecture to keep our data safer than before.

That, at least, is the theory. In truth, Web3 is turning into a security nightmare, with a string of recent hacks leaving some to wonder if we should just hand over our money and data to Mark Zuckerberg and call it a day.

The most recent security fiasco involves Axie Infinity, a play-to-earn game that was supposed to be the poster child for what Web3 can be. If you missed it, hackers got into the Ronin "bridge" between Axie and the Ethereum blockchain and stole $552 million (now worth $630 million, according to ETH's rise)β€”a astounding sum even in this crypto era.

Crypt magazine

Crypt magazine

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