In addition, CPR detected that the coin usually isn’t made to scam people, but a misconfiguration within smart contract functions helps hackers steal money. In this article Check Point Research (CPR) will demonstrate how hackers are creating new tokens, luring people to buy these tokens, and then ‘rug pulling’ all the money from a smart contract. Funds are flowing towards crypto, and thus it’s no wonder hackers are targeting cryptocurrencies.īack in November, Check Point Research (CPR) alerted crypto wallet users of a massive search engine phishing campaign that resulted in at least half a million dollars being taken in a matter of days. Adidas joined the metaverse via NFT, and Grayscale announced Metaverse is a $1T industry. Furthermore, Microsoft is building its Metaverse, Visa confirmed conducting a pilot with to accept cryptocurrency for settling transactions on its payment network. In addition, Disney wants to build a metaverse, Nike bought an NFT company, Starbucks customers can now use the new Bakkt app to pay for drinks and goods at the chain’s coffee shops with converted Bitcoin. For example, PayPal is considering a launch of its own cryptocurrency, Facebook has rebranded to Meta, and MasterCard announced that partners on its network can enable their consumers to buy, sell and hold cryptocurrency using a digital wallet. Recent company announcements and developments show an increased interest in cryptocurrencies.
The rise in fraud and scams correlates to the immense growth of activity within cryptocurrencies worldwide. Crypto wallet holders are advised to use only known exchanges, buy publically acknowledged tokens and pay attention to marketplace URL’sĢ021 saw an all-time high in crypto-related crimes, with scammers getting ahold of $14 billion in cryptocurrency.Hackers use misconfiguration in smart contract’s functions to steal funds.Check Point Research (CPR) detects hackers creating new fraudulent tokens to lure victims into buying the tokens, and then ‘rug pulling’ all the money from the smart contracts.
Research by Dikla Barda Roman Zaikin & Oded Vanunu
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