The co-founder of Manifold.xyz – a platform for NFTs – who goes by the Twitter handle @richerd has recently written a Twitter thread which exposes the tactics used by hackers to steal funds and NFTs from crypto wallets. As the go-to guy for crypto wallet security he has a lot of experience in dealing with hackers and ensuring safety of wallets.
And since I am personally ahttps://accounts.binance.com/es-MX/register?ref=MNJZTGGB victim of a wallet hack where my funds and some NFTs were stolen, I can only emphasize on the importance of knowing how to keep wallets safe and avoid the pain of loosing your portfolio.
Ways Hackers Compromise Crypto Wallet To Steal NFTs & Necessary Precautions
This is a common tactic where hackers lure users to a legitimate looking website with the promise of free NFTs. Once a user tries to connect his Metamask to the website, a fake error is generated which prompts the user into entering his seed phrase. Once the user has access to your seed phrase he can gain control to your wallet and steal all your funds and NFTs.
Another way these hackers lure a user to their phishing website is by acting as support in the Telegram and Discord pages of tokens. They then lure users seeking support through private messages that ask the user to visit the phishing websites and connect their wallets to it.
Precaution: Never ever type your seed phrase. You should write your seed phrase in a piece of paper, store it safely and forget about it.
If a user is screen sharing there is an option in Metamask to reveal the seed phrase. Hackers often lurk as customer support staff in the social pages of tokens such as Telegram and Discord. They will tell the user that they will “debug” their systems by using screen share and to follow a set of instructions which would reveal the user’s seed phrase to the hacker.
Precaution: Using hardware wallets is the safest method to store your crypto and NFTs.
Stealing crypto and NFTs become more interesting as the market cap balloons | Source: CRYPTOCAP-TOTAL on TradingView.com
There are software which install backdoors to a user’s computer and gives hackers access to the user’s file system, computer memory and screen. Users should only install software after careful consideration and checking their validity. Users should never open random files and software.
Precaution: Never open suspicious files and use a hardware wallet
As per Wikipedia and in the context of cyber security, social engineering can be explained as the psychological manipulation of users into performing actions or divulging confidential information. It is a type of confidence trick for the purpose of gathering information, fraud or system access. Unlike traditions “con”, social engineering requires a set of many steps.
In terms of crypto, attackers will manipulate the user by acting as a trusted individual and ask for Ethereum or some other token from the user in the pretext that the trusted individual’s account is unavailable or have reached their limit.
Precaution: Never send out funds or NFTs to any person without verifying their identity.
Physical Hardware Attack
In this type of attack, the hacker will try to gain physical access to your system and thus reveal your seed phrase. There are also external devices such as a USB which can be plugged into the target computer to gather information. There have also been incidences when the attacker has physically stolen the laptop and run away with it.
Precaution: Using hardware wallets and storing them safely is the best way to store valuable funds and NFTs. Never leave your computer unattended and always be attentive when you are outside.
Supply Chain Hack
This kind of attack on hardware wallets are common where the attacker creates a website to sell hardware wallets that have a pre-loaded key through which the attacker can drain your funds and NFTs.
Snoop Dogg Partners With Metaverse Sandbox
- Snoop Dogg partnered with the Sandbox.
- Snoop Dogg creates, shares and monetizes NFTs on Ethereum (ETH).
The crypto world’s presence continues to be felt in and outside the crypto space. This time, the famous rapper Snoop Dogg partnered with the Sandbox. In detail, the Sandbox is a non-fungible token (NFT) project of Metaverse. Through this gaming ecosystem, Snoop Dogg can easily create, share and monetize NFTs and gaming experiences on Ethereum (ETH).
The Sandbox gaming ecosystem will also allow the rapper to build his own mansion where fans can participate. For instance, Snoop Dogg can create his own palace or mansion of his liking where the player can join Snoop at his parties and concerts.
Snoop Dogg further explained:
I’m always on the look-out for new ways of connecting with fans and what we’ve created in The Sandbox is the future of virtual hangouts, NFT drops and exclusive concerts.
Snoop added that NFT brings online adventure to the next level. he said,
We’ll have a fresh set of Dogg style NFTs that players can integrate into the game experiences to take this online experience to the next level for sure, he said.
On the other hand, the NFT space continues to make noise that can be heard everywhere. Today, NFT is not limited to arts. It has also entered the world of play-to-earn games such as Cryptozoon and My DeFi Pet, to name a few. Through this, we can say that the crypto world is one step closer to dominating the digital and financial system of the world.
Ethereum’s NFTs Can Now Be Moved to Solana: Here’s How
Wormhole bridge for digital collectibles goes live to bridge Solana and Ethereum: details
Wormhole, the development team behind the world’s first-ever bridge between Ethereum (ETH) and Solana (SOL) smart contracts platforms, now boasts NFT functionality.
Ethereum, Solana now have common NFT ecosystem powered by Wormhole
According to the official announcement shared by Wormhole cross-chain bridge vendor, Ethereum and Solana users can now send NFTs between two blockchains.
Starting from today, Sept. 22, 2021, holders of digital collectibles on Ethereum (including iconic Crypto Punks, Degen Ape Academy and so on) can now seamlessly move them to Solana (SOL).
In its inaugural releases, the product will support only the most popular standards of digital collectibles: ERC-721 and SPL tokens. More standards, including ERC-1155, will be added soon.
To send NFTs between the two chains, users should only connect wallets (Metamask, Sollet and so on), customize the chain and target account and choose NFTs to transfer and authorize the transaction.
Cross-network bridges are on fire
This release is part of Wormhole’s second iteration (Version v2). As covered by U.Today previously, Wormhole is going to integrate more chains like BSC and Terra (LUNA) in this version.
As DeFi and NFT adoption gains steam, the usage of cross-network bridges is rocketing. Ethereum-Polygon bridges are the most popular in the Web3 universe.
Also, USD Coin (USDC) stablecoin by Circle has surpassed Ether as the top asset of cross-chain bridges.
Taker Protocol Secures $3M to Build New Financial Primitives Into the NFTs Market
- Taker Protocol announced it has raised $3 million from well-known investors.
- It secured the fund to build new financial primitives into the NFTs market.
Taker Protocol announced it has raised $3 million from well-known investors. The crypto liquidity protocol for the non-fungible token (NFT) said it secured the fund to build new financial primitives into the NFTs market.
According to Taker Protocol, the round was led by Electric Capital, with DCG, Ascentive Assets, Dragonfly Capital, Spartan Group, The LAO, Sfermion, and Morningstar Ventures.
Taker Co-Founder Angel Xu commented, expressing his excitement about the investment fund.
We are absolutely thrilled to welcome so many well-established investment funds to the team. Their participation heralds an exciting new phase for the protocol as we seek to address persistent problems in the NFT lending market for the benefit of end-users. This investment will enable us to further optimize the liquidation of NFT assets across multiple blockchains, removing the barriers to entry that prevent new players from entering the market.
Furthermore, Xu adds that they are using an innovative approach to solve the biggest problem in the NFT space. “With Taker, we are one step closer to the world where anyone anywhere can use their NFT assets to take out a loan.” (Maria Shen, Partner at Electric Capital),” she says.
Taker Protocol is a multi-strategy, cross-chain lending protocol for lenders and borrowers to sell and rent digital assets. More so, the platform provides liquidity via its lenderDao support and extensions that integrate into NFT marketplaces.
In addition, the blockchain platform strives to solve liquidity issues that the NFT industry faces. To specify, the firm said it would allow lenders and borrowers to liquidate and rent assets like NFTs, financial papers, synthetic assets, and much more. The team also added that they would create new liquidity streams and possibilities.
As per the team, the funds raised will help the firm launch the complete version of the protocol across multiple chains. This includes Ethereum, Polygon, Solana, Binance Smart Chain (BSC), and Near Protocol.
Note that Taker’s DAO includes many Curator DAOs. Even more, the team said that each sub-DAO will manage its whitelist and a price for any NFT on its whitelist if the borrower defaults on the loan. Highlighting the interest of the DAOs with that of the lenders, Taker said it would lessen the risk exposure for the lenders. Aside from this, the team will also optimize the profits for the DAOs.
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