“Targeted attacks on cryptocurrencies: growing concerns in the Blockchain ecosystem”
In the rapidly developing environment of cryptomena and decentralized finance transactions (defi), attackers are increasingly focusing on specific cryptocurrencies to use vulnerable places and stole funds. This article will be immersed in the world of targeted attacks with a focus on two key areas: crypto-corrutto transactions and intelligent contract systems.
Crypto-to-Kripto transactions
Cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have seen a significant increase in adoption due to their rapid time processing of transactions and lower fees compared to traditional payment systems. However, this makes them an attractive destination for malicious actors. Targeted attacks on crypto-to-curved transactions occur when hackers try to steal funding by using weaknesses in cryptography or intelligent contractual code.
One of the remarkable examples is the case of Binance Smart Chain (BSC), which was hacked in May 2021 due to vulnerability in its intelligent contract, Binance Smart Contract (BSC-ATM). Hack allowed attackers to release cryptocurrencies worth approximately $ 40 million. This incident stressed the importance of robust security measures and regular audit of intelligent contracts.
ERC-721: Intelligent contracts and tokens did not work (NFT)
ERC-721 is a standardized interface for creating, management and trafficking with no-funny tokens (NFT) on blockchain platforms such as Ethereum. These NFT represent unique digital assets such as art, collector’s items or items in the game. The ERC-721 provides a safe and scalable way of creating and transmission of digital property.
However, the ERC-721 increase has attracted harmful actors trying to use vulnerable places in Smart Contract Code. One of the latest examples is the “Honey Pot” attack on the popular Crypto.com game platform. In June 2021, hackers launched an attack on a honey pot that focused on blockchain ethereum and stole a cryptocurrency worth approximately $ 11 million.
The Honey Pot attack included the creation of a false cryptocurrency called “Pebbles” with a malicious intelligent contract. The attackers then used this false cryptocurrency to release funds from the wallet of real users. This incident has shown that NFT-based ERC-721 is not as safe as it seems, and they should reach it with caution.
Honeypot: Tool to detect crypto attacks
Honeypot is a bait system designed to attract and detect malicious actors such as hackers or malicious software without using themselves. The term “Honeypot” was created by Peter Bex, a Dutch cyber security expert that first described it in 1994.
In the context of the safety of the cryptocurrency, it is possible to create a honeypot using techniques such as bait wallets, false cryptocurrency addresses, or even seemingly harmless digital asset. Harmful actors can try to use these honeypots just to find out that they are actually safe and do not contain valuable data.
Conclusion
Targeted attacks on cryptocurrencies and systems based on intelligent contracts are increasingly becoming more common in the Blockchain ecosystem. Since the use of NFS and ERC-721 continues to grow, it is essential that developers prefer safety and implement robust measures to prevent these types of attacks.
Examples above show that even seemingly safe platforms can be vulnerable to targeted attacks. However, by understanding risks and implementing effective security measures, developers can reduce the likelihood of successful attack and protect their users’ means.
When the country of blockchain is constantly evolving, it is decisive for users, developers and safety experts to remain vigilant and adapt to changing threats.
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