The Crypto World Faces Challenges: Recent Phishing Attacks and Hacks
Over the past 24 hours, the Base network has suffered significant losses, amounting to over $2 million due to a phishing attack. These unfortunate events highlight the persistent threat posed by cybercriminals who continuously devise schemes to defraud cryptocurrency users.
Munchables Hacked on Base Network
The recent incident reported by Scamsniffer involved a victim who lost $1.2 million worth of AERO tokens to a phishing scam. Additionally, another individual fell prey to a phishing attack, resulting in the theft of $846,610 worth of $DEGEN tokens due to a successful ERC20 Permit double spending.
Is the EVM Design Responsible for These Hacks?
The Munchables attack on the Base network is just one example of the myriad vulnerabilities in the crypto space. The NFT video game, Munchables, experienced a hack in late March, leading to the theft of around $62 million in assets. Although the stolen funds were later returned through a white hat rescue, this incident underscores the weaknesses in the network protocol.
The vulnerabilities in the Ethereum Virtual Machine (EVM) design have contributed to these security breaches, resulting in over $2 million in losses within a mere 24-hour period due to flaws in smart contracts.
Specifically, the activation of ERC-3074 creates opportunities for token owners, making it easier for malicious actors to exploit vulnerabilities in cryptocurrency wallets and execute large-scale attacks like phishing scams.
These incidents serve as a stark reminder of the urgent need for comprehensive security measures and safeguards to protect users and their crypto assets when engaging in cryptocurrency transactions. It is essential to prioritize security to ensure the safety and integrity of the crypto community.
Hot Take: Safeguarding Against Phishing Attacks and Hacks
As a crypto investor, staying informed and vigilant is crucial in safeguarding your investments and assets. The recent phishing attacks and hacks in the crypto space serve as a wake-up call for the community to prioritize security measures and adopt proactive approaches to mitigate risks.
By following best practices such as enabling two-factor authentication, verifying the authenticity of websites and platforms, and exercising caution when interacting with unknown entities or transactions, you can enhance the security of your crypto holdings.
Remember, staying proactive and informed is key to protecting your assets in the ever-evolving landscape of the crypto world. Stay safe, stay secure, and continue to engage responsibly in the world of cryptocurrency.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.