Published on augustus 13, 2024, 12:24 am
Image source: Fox News
```json [ { "TLDR": "Crypto scams, hacks, and exploits are causing financial losses to users. Recent incidents include an exploit worth $156,000 at iVest Finance, a vulnerability in AMD processors for software wallets users, and a Web3 gamer losing $69,000 to a phishing scam. Vigilance, verifying URLs/contract addresses, updating firmware, and using hardware wallets are crucial for security in cryptocurrency transactions." } ] ```
Crypto scams, hacks, and exploits have been a persistent issue in the cryptocurrency world, causing significant financial losses to users. One recent incident involved the Decentralized Finance protocol iVest Finance falling victim to an exploit worth $156,000. The exploit took advantage of a flaw where transferring tokens to a null address resulted in the malicious draining of funds from the pool, affecting not only BNB but also iVest tokens deposited by users.
Similarly, millions of PCs with AMD processors were found vulnerable due to a discovered flaw called “Sinkclose,” potentially impacting users running software wallets like MetaMask or Trustwallet. This vulnerability allowed attackers to create malware that could evade detection by antivirus systems and resist removal even after formatting the hard drive and reinstalling the operating system.
In another unfortunate event, a Web3 gamer and memecoin trader suffered a loss of over $69,000 in Tether stablecoins due to an approval phishing scam. By unknowingly approving a malicious account named “Fake_Phishing401336” to access their USDT tokens, the victim fell prey to unauthorized transfers orchestrated by the attacker.
These incidents underscore the importance of vigilance and adopting security measures while engaging in cryptocurrency transactions. Users are encouraged to verify URLs and contract addresses of websites soliciting token approvals to prevent falling victim to scams. Additionally, keeping hardware firmware updated and considering hardware wallets for added security can help mitigate potential risks associated with vulnerabilities like Sinkclose.
As cryptocurrencies continue to gain traction and revolutionize financial processes, ensuring robust cybersecurity practices is paramount in safeguarding investments and personal assets against malicious activities prevalent in the digital asset landscape.
Original article posted by Fox News
