3 Popular Crypto Scams (And How To Avoid Them) Personal finance

[ad_1]

Hackers have become adept at exploiting the security vulnerabilities of these platforms, according to Check Point.

In September, Check Point researchers noticed numerous complaints on Twitter of OpenSea users who suddenly lost all of their holdings in their digital wallets. Vanunu and a colleague discovered that someone was posting NFT art containing “malicious code”. If users clicked on the NFT and accepted a “gift” from the hackers who designed it, the code immediately cleared the user’s balance.

After Check Point alerted OpenSea, the company immediately fixed the vulnerability. But Vanunu quickly received emails from other cryptocurrency users caught up in similar scams. As soon as one vulnerability was fixed, hackers discovered another.

“It’s the game now,” Vanunu says.

The only way to defend against this kind of scam is to be very careful where you click.

“It’s not really the money, what hurts is the humiliation,” said Matt Borchert, a YouTuber who said he was tricked into buying a worthless NFT on OpenSea in a recent video. “Someone is setting there saying ‘I can’t believe they fell in love with this.’ “

[ad_2]