Token airdrop phishing, a metaverse based on your identiy and much more!
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Thank you for being a part of the Cypherock family. Come rain, hail or storm, we are heads-down building the best possible product to keep your digital assets safe.
Over the next 8-10 minutes, we will be talking about hacks that caught our eye, DApps that we found interesting and our picks from Twitter and Reddit that we enjoyed.
If you loved the newsletter, message us! If you hated the newsletter, message us! We’re always looking for fresh perspective on things to cover and feedback to make your experience better!
Have an awesome week ahead!
Team Cypherock
What we’re covering this week
- How airdrops can lead to phishing 🎣
- A metaverse based on your identity 🌏
- A list of interesting across topics in web3 🤓
- Top DeFi winners on Uniswap in September 🏆
- Updates from Cypherock 🔐
Security Digest
Token airdrops and phishing
Getting access to airdrops can be a game changer for your crypto portfolio, but with alpha, comes risk. As you already know, blockchain addresses are public knowledge, and with the advent of the ENS, being able to keep tabs on certain addresses becomes all the more easier. This past weekend, a Cypherock team member uncovered a peculiar ERC 20 token secured by his address, upon digging further, the address turned out to be a malicious actor draining Ethereum accounts when individuals interacted with the website. In the example listed above, the individual most likely minted this token, and created a website in tandem so that individuals can connect the wallet to spend tokens.
Although the access to the website has been taken down now, it seems to be a place where individuals could vote on certain topics. Once an individual wanted to vote on a particular topic, they would connect their wallet intending to spend the tokens to case their vote, only to realise funds have been drained. Although the setup of a phishing scheme such as this is highly elaborate, it is not uncommon in today’s market conditions to extract money from investors.
So, how do you keep your address protected?
- Make a routine of checking your token balances on the blockchain explorer such as Etherscan. Etherscan will be able to tell you the various tokens and NFTs that you current hold depending on the wallet address.
- Never interact with any links for a token that you are not familiar with - you most likely will lose funds
- Use revoke.cash to check the permissions for your wallet address and remove any permissions that you do not recognize or are not confident of.
Dapp News
Phi: Build your own metaverse with on-chain activity
Phi is on a mission to visualize on-chain identity and create an open and inclusive metaverse land system that is based on universal web3 building blocks, such as ENS domains and wallet activity. To do this, Phi has two main components: Phi lands and Phi objects. To own land, you need to own an ENS. There are no fancy NFTs required to get started on Phi. Phi objects are various activities related to the ENS domain. Examples of on-chain activities could include token holding, participating in voting in snapshots and token swapping. The more a particular activity is carried out, the bigger the object will become. So, why does this matter?
Phi is taking a bet on building identity in web3 that will drive adoption. There is a sense of gamification that is essentially making an individual explore more in the web3 universe - if they want more elaborate Phi objects. Overall, Phi is trying to build a unique experience for individuals that can serve as their identity and evolves over time - which is pretty neat.
Twitter Tales
Bored and want a compilation of interesting reads across web3, here is a Tweet that has you covered. From cross chain discussions to security, this list has it all.
Reddit Reads
Here is an interesting read on the top winners on Uniswap in the month of September, how many trades they made and how much in profit they took - what bear market?
Winners of Uniswap - September from r/CryptoCurrency
Updates from Cypherock
We are really excited to launch new features to Cypherock X1 customers. We will soon be releasing information regarding connect-ability with the DApp ecosystem, on/off-ramp capabilities, UI overhauls and much more. Additionally, stay tuned for updates from our security update. Here’s a sneak peak quote from our auditors:
“The Cypherock X1 has some of the most innovative security measures we’ve seen in hardware wallets. It not only combines several paired and provisioned chips, but also incorporates encrypted NFC based JavaCards with a Shamir’s Split scheme to further protect user’s wallet seed”
Stay tuned for the full update!
Is Your Crypto Safe? Take the Cypherock Quiz and find out!
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!
Here’s some alpha 🚀
Security is our utmost concern. We want to keep your crypto safe and give you the best possible experience interacting with the web3 ecosystem. Because we like you, we want you to make money too!
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