Microsoft alerts about threats on Web3 and Decentralized Networks
Microsoft has warned of emerging threats in the Web3 landscape, including “ice phishing” campaigns.
The company's Microsoft 365 Defender Research Team called out various new avenues through which malicious actors may attempt to trick cryptocurrency users into giving up their private cryptographic keys and carry out unauthorized fund transfers.
The theft of the keys could be carried out in several ways, including impersonating wallet software, deploying malware on victims' devices, typo squatting legitimate smart contract front ends, and minting rogue digital tokens for Airdrop scams.
Another technique involves what Microsoft calls "ice phishing." Rather than stealing a user's private keys, the method works by deceiving the target into "signing a transaction that delegates approval of the user's tokens to the attacker."
Once the approval transaction has been signed, submitted, and mined, the spender can access the funds. In case of an 'ice phishing' attack, the attacker can accumulate approvals over a period of time and then drain all [the] victim's wallets quickly.
To mitigate threats affecting the blockchain technology, Microsoft is recommending users to review and audit the smart contracts for adequate incident response or emergency capabilities and periodically reassess and revoke token allowances.
INTERVIEWS
TOP VIDEOS
SECURITY
SOFTWARE
Alteryx brings Unified Platform Experience to boost Analytics Automation
Alteryx has announced expanded cloud-connected platform experiences for its flagship...
Roposo brings in Shipstreak, end-to-end order management tool
Roposo has launched Shipstreak, a comprehensive order management solution design...
Adobe integrates Generative AI-based capabilities into Photoshop
Adobe has unveiled Generative Fill in Photoshop, bringing Adobe Firefly generati...
START - UP
PERIPHERALS
INDUSTRY EVENTS
MediaTek organizes its 12th Chapter of Technology Diaries
MediaTek has hosted its 12th Chapter of Technology Diaries themed ‘The Vision to Go...
Startup Odisha to feature on CII’s Corporate-Startup Connect Platform CII ICONN
In an effort to provide startups in Odisha with a strong corporate connection, Startup Odi...
Pega introduces Pega GenAI to Infuse Generative AI Capabilities in Pega Infinity '23
Pegasystems has announced Pega GenAI – a set of 20 new generative AI-powered booster...
Unisys continues to connect young engineers with business leaders through its flagship event
Unisys announces the winners of the company’s annual technical project competition f...
E- COMMERCE
