Blockchain
Expert issues warning after Tom Brady NFT sells for £30.4k, as marketplaces saw £30 million stolen last year
An expert has warned those considering purchasing an NFT off the back of the Tom Brady £30.4k sale, as NFT marketplaces saw £30 million stolen by scammers last year.
The findings, pulled together by Smart Betting Guide, analyzed a database recording crypto scams and exploits to identify the most vulnerable platforms and blockchains over the last year – with NFT marketplaces and collections frequently targeted by cybercriminals.
While NFTs benefit from decentralized ownership, verifiable authenticity, and transparent ownership history due to being built on blockchain technology, they are susceptible to security risks like phishing attacks, physical theft, malware, and social engineering attacks.
Before the Super Bowl LVIII, a video NFT of Tom Brady sold for £32,436, while an NFT of Joe Montana – who previously played for both the Chiefs and 49ers – went for £27,088.
The celebrity appeal behind these NFTs could see a surge in demand for more crypto endorsements, especially ahead of major sporting or starstudded events.
However, users should be cautious if considering making a purchase, as NFT platforms saw £30,366,456 in funds lost due to scams – the vast majority of which (97%) were stolen from Ethereum users (£29,530,291), followed by Binance (£816,247) and Cardano (£19,918).
There’s all the more reason to be especially cautious now, as the analysis also found that February is one of the worst months for crypto losses, with an average of £623,366,085 taken by scammers each year. This is 6% above the typical monthly loss (£594,861,199).
However, NFT databases and collections saw fewer funds stolen than other platforms, with crypto bridges losing more than £326 million (£326,241,991) due to exploits last year. This is 118% higher than the average loss reported across the affected platforms (£149,640,022).
The blockchain that saw the most funds stolen this way was Ethereum, accounting for 88% of the losses (£318,030,610), followed by Avas (£8,127,726) and Binance (£83,655).
Following behind as the second-most affected category is CeFi platforms, with £198,296,739 lost due to cybercriminals over the last year. This loss is a third (33%) above the average.
The category that saw the lowest sum lost was stablecoins, designed to maintain a stable value relative to a specific asset, such as other cryptocurrencies or commodities. In 2023, scammers stole £8,009,767 from this crypto – 95% below the average (£149.6k).
While February was the third month that saw the most funds stolen, the worst month came out as December, with a loss of £821,716,080 (39% above the monthly average).
Ranking second is January, with an average of £662,039,960 taken yearly. This is 12.2% above the monthly average and makes for a tough start to the year for blockchain users.
The risk drops slightly once we get into March, with the average sum lost equating to 2.9% less than the monthly average. Overall, the likelihood of being hit by a crypto scam is higher in the first half of the year compared to the second half – aside from in December.
As well as identifying when blockchain users are most likely to be targeted by scammers, the data reveals which scams resulted in the highest losses since 2011. Rug pull exit scams proved the most damaging, with a total of £41.3 billion stolen over the past 13 years.
Regarding the findings, Zigmas Pekarskas, CEO of Smart Betting Guide, said: “As with any technical asset, cryptocurrency is vulnerable to scams – especially as it continues to grow in popularity and application. This is particularly true given crypto transactions are often anonymous and typically irreversible, so it’s difficult to trace transactions back to individuals.
“Some platforms, including NFT databases, are more susceptible to cybercrime than others. When transacting on one of these platforms, ensure you do your research and due diligence. Research the NFT marketplace and the seller, focusing on reviews, ratings, and feedback from other users. This must be done even when purchasing an extremely limited or in-demand item, like the Tom Brady NFT that sold before the Super Bowl.
“Verify that the NFT you’re interested in is authentic and not an authorized copy, and check the usage rights. Use a secure cryptocurrency wallet to store your funds and NFT assets – ideally with multi-signature support – and report any suspicious activity or fraudulent listings to the marketplace’s support team as early as possible.”
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In recent news, Bitgert coin’s price is anticipated to soar in the coming days, marking a significant development in the cryptocurrency market. This projection has attracted attention from investors and enthusiasts alike, as they await potential gains from the anticipated price surge.
The expected rise in Bitgert coin’s price has stirred excitement among crypto investors, who are closely monitoring market trends and developments to capitalize on potential opportunities. This surge is attributed to various factors, including market sentiment, technological advancements, and investor confidence in the project’s prospects.
As the cryptocurrency landscape continues to evolve, Bitgert coin’s projected price increase underscores the dynamic nature of the market and the potential for significant gains. Investors are advised to conduct thorough research and exercise caution when trading cryptocurrencies, as price movements can be volatile and unpredictable.
Overall, the anticipated surge in Bitgert coin’s price reflects the growing interest and optimism surrounding the project, highlighting its potential to deliver substantial returns for investors in the near future.
Source: cryptodaily.co.uk
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Ethereum developers are setting their sights on improving the user experience of crypto wallets with the implementation of Ethereum Improvement Proposal (EIP) 3074. This proposal aims to simplify the process of interacting with Ethereum smart contracts, making it easier for users to manage their digital assets securely.
EIP-3074 introduces a new type of account called “constrained accounts,” which are designed to restrict certain types of interactions with smart contracts. This feature enhances the security of crypto wallets by limiting the scope of potential attacks and reducing the risk of unauthorized access to funds.
One of the key benefits of EIP-3074 is its ability to streamline the user experience of interacting with Ethereum smart contracts. By simplifying the process of managing digital assets, this proposal aims to make crypto wallets more accessible to a wider audience, including non-technical users.
In addition to improving usability, EIP-3074 also enhances the security of Ethereum wallets by introducing new permissioning mechanisms. Constrained accounts allow users to define specific rules and conditions for interacting with smart contracts, providing an additional layer of protection against potential vulnerabilities and exploits.
Overall, EIP-3074 represents a significant step forward in the ongoing effort to enhance the usability and security of Ethereum wallets. By introducing constrained accounts and new permissioning mechanisms, this proposal aims to make it easier for users to manage their digital assets securely while also reducing the risk of unauthorized access and potential attacks.
Source: coindesk.com
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Blockchain
Istanbul Blockchain Week 2024 Returns Showcasing Turkey as the Rising Star in Web3 Adoption
Istanbul Blockchain Week 2024 is making a comeback, highlighting Turkey as a rising star in Web3 adoption. This event, set to take place in Istanbul, aims to showcase Turkey’s growing prominence in the adoption of Web3 technologies and its potential to become a leader in the blockchain industry.
With a focus on fostering collaboration and innovation in the blockchain space, Istanbul Blockchain Week 2024 will bring together industry experts, developers, investors, and enthusiasts from around the world. The event will feature a series of keynote speeches, panel discussions, workshops, and networking sessions, providing participants with valuable insights and opportunities to connect with key players in the industry.
One of the key objectives of Istanbul Blockchain Week 2024 is to highlight Turkey’s vibrant blockchain ecosystem and its potential to drive innovation and economic growth. As a strategically located hub between Europe, Asia, and the Middle East, Turkey offers a unique opportunity for blockchain companies to tap into diverse markets and access a skilled talent pool.
The event will also serve as a platform for showcasing the latest developments and trends in the blockchain industry, including decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and more. Attendees can expect to gain valuable insights into the future of blockchain technology and its potential impact on various industries.
Istanbul Blockchain Week 2024 is expected to attract a diverse audience, including blockchain enthusiasts, investors, entrepreneurs, government officials, and academics. By bringing together stakeholders from across the globe, the event aims to foster collaboration, drive innovation, and accelerate the adoption of blockchain technology in Turkey and beyond.
Overall, Istanbul Blockchain Week 2024 promises to be an exciting and impactful event, showcasing Turkey’s growing influence in the blockchain industry and highlighting the country’s potential to become a global leader in Web3 adoption.
Source: cryptoslate.com
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