February 20, 2022
Cypherock’s Weekly Crypto round-up: Phishing on Socials, NFT Marketplaces Conundrum, and more!

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Thank you for being a part of the Cypherock family. It’s been a crazy (but exciting) road to get here and I can’t wait for you to see our final product!

This weekend we want to bring to you the common hacks that are going on in every corner on this side of the world.

Team Cypherock

Security Digest

A new way to dupe investors - Telegram Bots!

A new way to dupe investors - Telegram Bots!

If you’re the kind of crypto enthusiast that lives by Telegram, then you might be aware that Telegram is one of the most common mediums for cryptocurrency communities to communicate.

Telegram is a new target for Crypto hackers as it is one of the most widely used platforms to communicate with. The app is not only popular with crypto enthusiasts rather it's widely known throughout the community because its user-friendly interface makes connecting and communicating in general very easy without the need for phone numbers. However, that doesn’t mean it isn’t flawed or susceptible to attacks.

Unfortunately, there have been a number of instances recently where innocent users have been duped into investing in cryptocurrency scams as they assume that they’re getting information from trusted sources. One good example is the introduction of bots to the platform.

While this was supposed to make it easier for people to exchange tokens in an organized manner, scammers started using them to dupe investors into sending out their OTP (One Time Password) and other information which is sensitive and shouldn’t be disclosed under any circumstances.

The hackers then insert the OTP they've stolen into the target's account, locking them out and demanding ransom in cryptocurrency. The even more scarily part is that these con artists are selling their bots on Telegram for $300 a month! 😰 😰

How to prevent:

  • Set up 2FA or Two Factor Authentication to avoid phishing attempts
  • Never share your private information on socials
  • Don’t open executable files from other users
  • Be generally more cautious across all platforms

Dapp News

Riding the NFT Craze - NFT Marketplace Competition at the top!

Riding the NFT Craze - NFT Marketplace Competition at the top!

The last couple of months were the largest months of Ethereum NFT trading volumes we've ever seen on OpenSea, but these numbers don't tell the whole story. A small new startup with a similar business model - LooksRare - has already eclipsed the $110 million mark despite only launching a short while ago. 💸 💸

LooksRare is gunning for OpenSea’s customers with a new token, LOOKS that comes free of charge for those who transacted at least 3 ETH ($9,630) on the marketplace between June 16 and December 16, 2021.

Vampire attacks are the new trend in crypto! A vampire attack is when a company sets out to steal users from another successful platform by incentivizing them with tokens in an attempt to dethrone their competition.

As the NFT market continues to be famous for having volatile prices, much like the cryptocurrency market, it will be interesting to see if LookRare’s trading rise or maintain at this level in the days and weeks ahead and if OpenSea sees diminished results going forward after only just being released.

Twitter Tales

A comprehensive curated list of web3 readings by Gaby Goldberg.

Check out the tweet here.

Curated web3 reading list I’ve open-sourced my reading list on all things web3 for those of you who would like to follow along and share thoughts: — Gaby Goldberg (@gaby_goldberg)

Reddit Reads

This is how crypto scams really play out 🚩 🚩

My recent comment made me realize how susceptible people are to crypto scams from r/CryptoCurrency

Is Your Crypto Safe?

Is your crypto safe

Will your crypto get hacked? Are you going to lose your crypto? Cypherock has come up with a detailed quiz that will help you understand the pros and cons of your security model. Upon completion, you will get a detailed analysis mailed to you. Take the quiz now!

If you still wish to learn more about how you can secure your crypto better, you book a free consultation call here.

We will meet again next week. Till then, stay safe!