On the morning of August 1 in Hanoi , within the framework of the GM Vietnam 2025 event - the largest blockchain technology week in Southeast Asia, the National Cyber Security Association (NCA) hosted the GM Blockchain Security Forum 2025. The event is part of a series of activities towards Vietnam Cyber Security Day (August 6).
The event aims to create a connecting space where regulators, cybersecurity and blockchain experts can exchange and share lessons from typical attacks, contributing to raising awareness of security risks, proposing effective technological solutions and especially shaping a suitable legal framework to protect users as well as promote innovation in the blockchain field.
Attack on Blockchain system causes billions of dollars in damage
As digital assets and the blockchain ecosystem continue to expand, cybersecurity threats are also on the rise, requiring a proactive and sustainable approach to protect system integrity and foster trust in the technology.
According to Chainalysis, from 2020 to February 2025 alone, the world has recorded 657 attacks on Blockchain systems, causing damage of up to 12.8 billion USD. The first 6 months of 2025 alone witnessed a loss of 2.17 billion USD. Of which, attacks on personal wallets accounted for 23.35% of the total damage - an alarming number for both users and businesses.
Some notable attacks involving platforms originating from Vietnam include Sky Mavis (Ronin) in 2022 causing losses of more than 600 million USD or KyberSwap in 2023 with estimated losses of about 50 million USD.
This is a clear warning about the urgency of ensuring security for domestic blockchain platforms, especially in the context that Vietnam is gradually perfecting the legal framework for digital assets and piloting digital asset trading floor models using Blockchain technology.
Having the right direction and ensuring security from the very beginning will play a key role in building a transparent and sustainable blockchain ecosystem.
Mr. Nguyen Le Thanh, Founder of Verichains - who directly participated in investigating several major Blockchain hacks, also shared that Blockchain security is no longer an option, but a prerequisite for building digital trust. "We expect the event to be the starting point for many practical cooperation initiatives, helping Vietnam to be more proactive in the global blockchain security front," said Mr. Thanh.
Building a secure blockchain ecosystem
Sharing the same view on the importance of the Blockchain ecosystem, Mr. Vu Ngoc Son - Head of Research, Consulting, Technology Development and International Cooperation, National Cyber Security Association said that the digital economy is increasingly dependent on blockchain to store and trade assets. Ensuring the security of blockchain is also ensuring the safety of national digital assets. Therefore, a comprehensive strategy is needed, combining technology, law and public awareness.
Emphasizing at the workshop, Lieutenant General Nguyen Minh Chinh - Permanent Vice President of the National Cyber Security Association said that by 2030, Blockchain is one of the contents of digital transformation to form an important infrastructure for many economic sectors such as banking and finance, logistics, supply chain, digital asset registration, healthcare, education and state administration... At that time, Blockchain will be widely applied in this era.
However, besides creating motivation for economic development and investment, there are also many risks and challenges.
Lieutenant General Nguyen Minh Chinh pointed out that attacks on smart contracts, e-wallets, and blockchain bridges have caused billions of dollars in damage globally. Among them, there are platforms and users from Vietnam that are not protected by Vietnamese law.
In addition, criminal organizations take advantage of decentralization and anonymity to launder money, illegally raise capital, and issue fraudulent tokens. Many projects disguise themselves as technology but are actually multi-level marketing models, attracting users with little technical knowledge, causing serious financial damage and social trust.
Therefore, cyber security is an inseparable part of national security and digital security in the digital age.
To develop the Vietnamese Blockchain ecosystem safely, healthily and sustainably, according to Lieutenant General Nguyen Minh Chinh, we need to focus on 3 strategies.
First, design a secure ecosystem from the ground up. Every layer of technology from blockchain infrastructure, smart contracts, custodial wallets, and identity systems needs to have security, encryption, and monitoring standards built into the security design, and should be a default component, not a stopgap solution.
Second, to improve early detection and rapid response capabilities, it is necessary to establish a warning mechanism and share information for cross-sectoral response among parties. Each platform has a clear crisis handling process from detection, transparent handling, and recovery on that platform, gradually forming proactive defense capabilities for the entire digital asset ecosystem.
Third, ensuring compliance with laws and international standards, development must be associated with regulations on anti-money laundering, personal data protection, capital flow control, while actively participating in the process of standardizing technology and perfecting the legal framework, creating a foundation for transparent and sustainable development.
"The synchronous implementation of the three pillars will help Vietnam both control risks well and effectively take advantage of breakthrough development opportunities that Blockchain and digital assets bring in the coming era and the next decade. Blockchain is a breakthrough technology, but if it is not accompanied by risk control, legal compliance and ensuring safety for users, that breakthrough will become a loophole for high-tech crimes, destabilizing the market and eroding social trust," said Lieutenant General Nguyen Minh Chinh./.
Source: https://www.vietnamplus.vn/gm-blockchain-security-forum-tuong-lai-an-toan-cho-blockchain-viet-nam-post1053131.vnp
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