Can real-time trading simulation prevent fraudsters from stealing crypto assets?

This year has been a tumultuous year for the entire cryptocurrency industry. From NFTs to DeFi to exchanges, every sector of the industry has been hit by the crypto winter cold. Unfortunately, this unfavorable situation provides a perfect breeding ground for fraudsters to exploit the crypto wallets of distressed investors.

The latest examples of cryptocurrency scams include hackers stealing NFTs via over 500 fake phishing domains, and robocalls starting targeting FTX customers after the exchange crashed.

Such malicious attacks are a daily occurrence in space, and the crypto community is actively working on protective measures. On the one hand, investors are exhausted in interacting with Web3 domains and authorizing access to cryptocurrency wallets. Meanwhile, an up-and-coming team is developing tools that give investors more ways to protect themselves from malicious attackers.

The key to stronger security lies in better information

In today’s climate, despite the growing popularity of digital assets, the inner workings of the crypto space remain a mystery to many users. How it works is still a questionable area for many.

This lack of education and understanding on the part of investors is where hackers and malicious actors find weak spots to attack. They create fake websites to lure investors looking for her next featured NFT collection, or to entice users to sign up for free airdrops and shiny spam his emails. or send Scammers are everywhere. Regardless of the medium used, phishing attacks are the most common way cryptocurrency investors lose their digital assets permanently.

The best way to protect your users from phishing attacks is to give them the information they need to understand what happens in their wallet during a particular interaction. One of his companies working on bringing this insight to users is Web3 Antivirus. A browser extension developed by the Web3 antivirus team allows users to scan all her websites and her Web3 platform before interacting with the wallet. Additionally, the W3A team is currently working on introducing additional features such as more detailed reporting and transaction simulation.

Explore wallet interactions

Crypto wallets are the main point of interaction between the Web3 platform and its users, making them a haven for scammers. Users want to access and start using the platform, but often need to connect their wallets. This is where malicious actors swoop in and ask users to approve permissions that aren’t actually required by the platform.

To help users prevent such instances, Web3 Antivirus is working on tools that will perform all wallet interactions and transactions before they are approved. W3A browser extensions that act as simulators give users a glimpse into the future.

Users can see detailed information about permission requests and understand the specific assets they are granting access to. Additionally, they receive a clear message explaining what they will get and what they will give as a result of the transaction. W3A does a call stack backtrace. This allows you to examine all smart contracts linked to a transaction, rather than just checking the smart contract the user is currently interacting with.

Users can then view the simulation results and examine the contracts and risks associated with each.

This upcoming release from Web3 Antivirus is a step in the right direction for users looking to gain valuable insight into their wallet interactions. There is a long way to go before there is sufficient level of understanding and education across the field, but tools like Web3A can help bring valuable insights to users.

As fraudsters continue to exploit the relatively nascent crypto space, analytics and insight tools can hamper its efficiency. It’s the first step to better understanding.