As Web3 implementation goes further and more novices enter the space, hackers are becoming more active, with more phishing attacks being recorded in the latest quarter of 2022 and social media being distinguished as a major platform of choice for steering the hacks. A majority of the phishing attacks recorded have been conducted on social media platforms that do not have account verification features.
In the quarterly report of security firm Certik, a 170% increase in phishing attacks is noticed in the second quarter of 2022. The security firm stated, that 106 attacks were recorded in the first quarter, while 290 events were noted in the next quarter.
The blockchain security firm claimed, that most phishing attacks have been conducted on social platforms like Discord and Telegram, which don’t have account verification features like Twitter. Because of this, malicious individuals are able to copy accounts of projects and prominent individuals while attracting their victims with giveaways and other offers.
Corresponding to Web2 attacks, Certik highlighted those hackers are counting on human error as a starting point for this type of attack. To fight this, the security firm stated that community education plays a crucial role. Educating new community members on the process of how to avoid hacks and scams can increase people’s consciousness and observance of phishing attacks.
Earlier this week, the official social media accounts of the British Army were taken over by crypto scammers. The invaders shared phishing links, endorsed crypto scams, and promoted deceitful nonfungible token (NFT) collections using the official page of the army. Periods after the breach, officials recover the accounts and delete the hackers’ posts.
Bored Ape Yacht Club (BAYC) NFTs were stolen after the project’s official Instagram account was taken over by attackers in April. Reports assessed that there may have been $40 million worth of assets lost in the attack.
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