Be Careful, Here’s the Mode Used by Fraudsters to Grab Crypto Investors
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Be Careful, Here’s the Mode Used by Fraudsters to Grab Crypto Investors
Liputan6.com, Jakarta Blockchain security company Forta Network, recently launching its own token, operates a bot network that detects various types of fraud on the Ethereum, Binance Smart Chain, Polygon, Optimism, Avalanche, Arbitrum, and Fantom blockchains.
Christian Seifert, a researcher at Forta who previously worked in Microsoft’s security research division, said Forta’s algorithm can detect various types of anomalous behavior when scanning transactions on the blockchain.
For some attacks, fraudsters rely on social engineering modes to find users’ personal information or implement tricks to get crypto users to reveal their initial password or phrase. Other attacks only need to know the victim’s wallet address.
“Many attacks are social engineering attacks: users are lured to a website, the website asks them to connect their wallet, a transaction appears, the user approves it and their money is gone,” said Seifert, quoted from CoinDesk, Wednesday (12/7/2023).
Not only that, Forta shared several other modes that fraudsters often use to get their victims’ crypto. The following is a row of modes that are often carried out by fraudsters.
Ice Phishing
This type of attack occurred most frequently throughout May 2023. Ice Phishing accounted for 55.8 percent of all attacks registered by Forta. Unlike more obvious or well-known phishing attacks, ice phishing is a play on “phishing” attacks that typically occur on websites, this type is not aimed directly at a user’s personal information.
Instead, the ice phisher tricks the victim into signing a malicious blockchain transaction which opens up access to the victim’s wallet so that the attacker can steal all of his money. In such cases, victims are often lured to phishing websites designed to impersonate genuine crypto services.
NFT Airdrops
Several attacks targeted Non-Fungible Token (NFT) traders. For example, fraudsters have developed techniques that take advantage of quirks in NFT infrastructure, such as the Seaport protocol introduced by OpenSea and used in many NFT markets.
To sell NFTs on Seaport, users create sell orders by signing transactions that are broadcast locally on the platform rather than the broader Ethereum network, to save on transaction fees.
Attackers seek user data with valuable NFTs and try to trick them into agreeing to a transaction that will sell their valuable holdings at a reduced market price.
Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.
Be Careful, Here’s the Mode Used by Fraudsters to Grab Crypto Investors
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