NFTs THE LATEST ARCADIA OF CYBERCRIME

NFTs THE LATEST ARCADIA OF CYBERCRIME

NFTs and cybersecurity are being found side by side at the present time. All forms of cryptocurrency, involving NFTs as well, have a series of threats regarding security concerns. NFTs can be a permissible investment if investors acknowledge the importance of what the NFTs are being used for. 

By offering more authoritative control and more clarity in the flux of information, a new radical shift over on internet’s unfolding is going to decentralize the digital world, as almost all the famous companies are welcoming NFTs and other crypto assets in place of money for the customers to purchase whatever they want.

So, it is very important to be aware of the perils and probabilities intricating with these deep pockets.

What is an NFT?

For a new hatched, NFTs (Non-Fungible Tokens) are quirky assets in the crypto world, created by blockchain technology. Other fungible cryptocurrencies like Bitcoin and other digital assets are equal in value whereas NFTs are indistinguishable from each other. You cannot trade one for another. They might be so extortionate because of their aptitude in connection with the Metaverse, a virtual universe where people would be enjoying the form of their Avatars with their own digital capacity.

Can NFTs be Used For Security?

NFTs can be used to typify something unique and that’s why they can be used for security purposes like securing statistics and other ultra-modern credentialities.

Can NFTs be hacked?

NFT-based assets can be hacked as the crypto assets are looted from digital wallets and trades, because of the fragile security measures. Mostly the hackers find it easy to hack the user’s crypto wallet as those wallets are not locked with double authentication codes to secure properly.

How to Secure Your NFTs?

To secure the NFTs in a user’s crypto wallet mostly depends upon the user himself as he sets his own multi-factor authentication protocol wherever needed to enable, for storing his cyber assets.

Definitely, there may involve risk embodiment of internet fraud and virus threats. Excessive and constant downloadings from unsecured websites may also be caused to fall prey to malware and other cyber thefts in leaking the very info of personal details as well as the details about cyber-wallet.

A Guide List to Avoid Being a Prey to Cyber Attacks:

A user can also manoeuvre a checklist to avoid cyber attacks.

  • Select a secured wallet
  • Apply a complex password
  • Enable two-factor authentication
  • Keep your recovery phrase at a secured place
  • Backup your wallet regularly
  • Update your software at regular basis
  • Use a secured internet connection

Recent NFTs and cybersecurity Incidents:

Monkey Kingdom Hack

December 2021: “Monkey Kingdom” the well-known Monkey-King-themed NFT design was hacked during the rapid digital texting platform, Discord. A crypto-hacker impersonating a group chief displayed a mock link, which the users touched without throwing a careful second thought to the URL and fell prey to that cyber-theft ending with the empty wallets. The amount involved in that incident was almost 1.3 million US$.

February 2022: Another Phishing incident took place, where the hacker dispatched emails personifying as OpenSea, a big NFT market and succeeded in misleading the users, resulting again consigning crypto assets to the hacker’s wallet and this time, the stolen amount was almost 1.7 millions US$.

BAYC Discord Phishing 

In Mid-January 2022: A user found security accessibility on the website of OpenSea, the users can be the holders of NFT assets with less than 1% of reserved prices of the Bored Ape Yacht Club (BAYC), causing great loss to the actual creators.

Nike registered a legal action against StockX, a second-hand trafficking market, claiming that it coined the brand emblem to be NFTs and expected the same profits as Nike’s, without permission.  

Types of Attacks:

As the attacks are based on targeting the cyber wallets of the users, they can be categorized as under:

Phishing: Stealing the crypto wallet through fake links, websites, cyber texting and emails is known as phishing where the user might follow the links and connects regarding private codings of their wallets, usually asked by the hackers. But in actual fact, the assets are being transferred to the hacker’s wallet.

Stealing Sensitive Info:

Another common risk regarding NFTs and cybersecurity is the attack on sensitive information of the user like uploading websites with malware content and codes with two-step verifications. By doing the same, the users fell victim to the hands of the hackers and lost their assets.

Stealing of the NFT Artwork:

Mostly the artwork based on Nfts is pictures. The hackers steal pictures & artwork and sell them on other platforms and keep on adding their own assets. This interchange of platforms is an easy job for hackers because there’s no verification found in terms of asset ownership on the blockchain.

That results in undergoing pecuniary disgrace if the users do not take foremost measures and do not be assured about the reliability of the products. 

Here the user may seek help from the auditing process.

What Is NFT Audit?

NFT Audit

The audit process regarding NFT security is handled by proficient cyberneticists who can review and decode the cyber attacks. These audit processes provide protection to NFT smart contracts by performing a thorough analysis of errors and variations in eliminating work proposals.

That’s how an audit process can shield the user from outermost cyberattacks and feasible spiteful practices by the actual trader.

Top Cybersecurity Consulting Companies:

“OneArt— a one-stop wallet for NFTs— is introduced by the crypto-cyber security companies to bring forth a protected ambiance for the users to cop their NFTs.

The security of the blockchain-based cryptocurrencies can be confirmed by viewing its audit whether it has been scrutinized by some reputable company like,

  • PeckShield
  • Utrust
  • Hacken
  • Certik 
  • Optiv
  • SecurityScorecard
  • IANS
    Myriad360
  • Deloitte
  • Secureworks
  • Flashpoint
  • Booz Allen Hamilton

Final Thought:

NFTs are digital assets and are at high-security risk. NFTs and cybersecurity is facing a hard time at the hands of cyber intruders. To nullify these security affairs, the consumers should play a dynamic role regarding the security of their cyber wallet by pertaining certain actions.

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