In today’s era when we have become adapted to blockchain and cryptocurrencies, smart contracts play a crucial role in automating money transactions. Now, vulnerability or exploitation is the matter of concern, which provides hackers an opportunity to speal money.
Here's how your money can be stolen:
Reentrancy Attacks: A hacker siphons funds as a contract calls another function before completing the current function. Integer Overflow and Underflow: Inadequate handling of numerical data produces unpredictable results and even possible loss. Denial-of-Service (DoS) Attacks: Hackers may even flood a smart contract with spam transactions so that it can be made unavailable and deny legitimate users from gaining access to their funds. Side-Channel Attacks. These attacks take advantage of weaknesses in the underlying hardware or software to compromise sensitive information.
You can safeguard yourself by hiring a reputable smart contract audit firm that would ensure the safety of your contracts. Regular audits may help identify and correct any vulnerability before it's exploited by hackers.