As a seasoned crypto investor with years of experience navigating the digital frontier, I can’t help but feel a mix of relief and concern upon reading about Backpack Wallet’s collaboration with Blockaid to combat malicious activity on the Solana network. Relief, because it’s always good to know that there are companies out there working tirelessly to secure our investments; concern, because it seems like the threats we face are constantly evolving.
It appears that Backpack Wallet has uncovered a group of harmful users who have been focusing on over 5% of its Solana network-connected users. During the period from June to September 2024, approximately 71,000 suspicious transactions were detected and prevented, thereby saving users an estimated $26.6 million in potential losses.
As an analyst, I’d rephrase that statement as follows: In collaboration with Blockaid, a renowned security firm, I was able to analyze approximately 180 million transactions from Backpack’s Solana network users over a specific timeframe. This partnership allowed me to identify and scrutinize the transactions for any potential issues or anomalies.
In simpler terms, Ido Ben-Natan of Blockaid stated that our data shows potential risks for users, which primarily involve fraudulent dApps, deceptive transactions, and harmful smart contracts. He explained that users in the Solana network are often targeted by scammers and cybercriminals, with a significant portion being related to the surge of memecoin traders. Interestingly, he noted that many of these attacks originate from the same group of adversaries active within the Ethereum Virtual Machine (EVM) threat environment.
“As EVM-based networks are more mature, the security measurements in the EVM ecosystem are much more effective and attackers reported that they are unable to get users as easily as before. This is why they’ve targeted Solana.”
Despite ongoing efforts to combat them, malicious entities persistently generate vast sums of money through cyberattacks. A prevalent danger encountered by crypto wallet users across various blockchain systems is the risk of phishing attacks. In these instances, con artists manipulate investors into connecting their wallets to fraudulent platforms.
During the month of September in the year 2024, approximately $46 million was taken from about 10,800 investors through phishing scams, resulting in a total loss of around $127 million over the third quarter. As reported by the security company specializing in Web3, Scam Sniffer, the most significant loss occurred when an attacker swiped $32.43 million worth of Spark Wrapped Ethereum tokens (spWETH) using a permit phishing signature.
For crypto users, it’s crucial to realize that preventing phishing attacks is just the beginning. As stated by Ben-Natan, users should not bear the burden of combating scammers. The CEO emphasized that cybercriminals are constantly evolving and finding new ways in, so even a single incident could lead to total loss for a user.
“Rather than advising users on how to avoid scams, the industry should focus on making sure that users are protected.”
As reported by CertiK, the total amount lost due to cryptocurrency hacks during the past three months exceeded $753 million, with 155 separate incidents occurring.
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2024-11-15 23:53