Security is one of the most important concerns for cryptocurrency investors. Every day, new attacks occupy the agenda. There are many traps that crypto investors can lose money, from hacking smart contracts to social media scams. The FBI has issued a warning to citizens regarding this matter.
FBI and Cryptocurrencies
The Federal Bureau of Investigation has warned about attackers who take over social media accounts and lure people into their traps by sharing fake token sale addresses. They also expressed concerns about fake websites that use legitimate platforms to steal victims’ NFTs/cryptocurrencies.
The warning comes as the number of victims whose funds are emptied through these two types of scams continues to increase. Hackers had hacked the Twitter account of Uniswap founder Hayden Adams and shared a link for a fake token. We had previously mentioned the link preview issue on Twitter a few months ago.
By exploiting the vulnerability in the system, attackers can display the link preview in a similar way to the real website. If users click on the address without paying attention to the URL, they lose all their money when they connect their wallets to the site.
Security of Cryptocurrencies
In a public service announcement dated August 4th, the FBI urged people to be cautious of criminals who act like legitimate NFT developers in financial fraud schemes targeting active users within the NFT community. We see this happening a lot in hacked Discord channels. Attackers who take over the moderator or higher-level officials’ accounts gain a significant level of credibility.
“Criminals either gain direct access to NFT developers’ social media accounts or create nearly identical accounts to promote new NFT releases. The fake posts often use expressions like ‘limited stock’ to create a sense of urgency and mention the promotion as a ‘surprise’ or previously unannounced mint opportunity.”
In general, scam websites direct people to connect their wallets to request or purchase NFTs, similar to smart contracts that infect computers with viruses. These types of smart contracts are programmed to empty your wallet while stealing all keyboard inputs and recorded passwords, such as Trojans or keyloggers.
The FBI emphasized that people should research and investigate “any opportunity,” such as surprise NFT airdrops or giveaways, before clicking on links. They also encouraged individuals to double-check for any inconsistencies in website URLs or account names to avoid falling victim to impersonators.
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