Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Metaverse News

Developers look to web browsers for solutions to Web3-related scams

With a new set of tools, Web3 businesses can make sure that transactions, websites, and smart contacts are safe and secure.

According to a report from Privacy Affairs, hackers stole $4.3 billion worth of cryptocurrency from January to November 2022. This is 37% more than the same time period the year before.

These exploits damage companies’ reputations and encourage cryptocurrency skeptics. Web3 Builders announced a suite of tools to address this issue on Feb 2. The first TrustCheck browser extension was made to warn users about Web3 scams before they continued to interact with them. The Web3 Builders transaction checker, website checker, and smart contract checker in this new set of tools build on that.

Ricky Pellegrini, the CEO of Web3 Builders, stated that this is a crucial time for the industry to demonstrate its credibility. “It’s an unfortunate truth that scams and fraud are still common in the Web3 space.” According to the announcement, the tools scan nearly 30 million suspicious domains daily and examine 55 million Ethereum smart contracts for vulnerabilities.

In one instance on February 1, the BonqDAO protocol lost $120 million due to an oracle hack. In just 30 minutes, hackers compromised Azuki’s Twitter account last week and stole $758K. The financial services platform Robinhood had its Twitter account compromised on January 25 by hackers who attempted to promote a scam token.

Nicholas Horelik, the technical co-founder and chief blockchain officer at Web3 Builders, stated that it is essential to comprehend the status of your transaction in order to safeguard your assets.

“End users deserve to have this functionality on whatever platform they choose and businesses should be implementing solutions like these to ensure their customers’ safety in Web3.”

On January 24, the Wormhole hacker transferred $155 million of the total $321 million stolen, the largest transfer of stolen funds.

Content Source:

Cover Image Source:

Latest metaverse news and tutorials right at your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided on this website, any hyperlinked sites, social media accounts and other platforms is for general information only and has been procured from third party sources. We make no warranties of any kind regarding this content. None of the content should be interpreted as financial, legal, or other advice meant to be relied on for any purpose. Any use or reliance on this content is done at your own risk and discretion. It is your responsibility to conduct research, review, analyze, and verify the content before relying on it.

Recommended Posts