The Metaverse appears to have grown rapidly in the last few months, attracting thousands of new startup ideas, as well as America’s largest companies. With Nike, Ralph Lauren, Bumble, Disney, and a host of other companies all on board with plans to enter the metaverse in some form or another, the expansion of the idea is becoming increasingly solidified. With this growth has come a host of new cybercrime. One common form of attack is no different than in web2; phishing attacks. This time, however, the attacks have improved, adapting and leveraging themselves to innovations like crypto wallets which hold crypto funds and can interact with dApps (decentralized applications).
One example of this occurring is with the virtual platform Decentraland, a platform for virtual real estate. The swindle appeared as the first link that popped on a Google search bar, and when clicked would connect to the user’s MetaMask wallet and wipe its funds. As a relatively new innovation, the Metaverse lacks law enforcement officials to keep track and protect users from scams. According to Chainalysis, a blockchain data platform, these kinds of phishing scams are on the rise.
What do you think of web3 cybercrimes, and will some form of security come soon?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.