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The world of cryptocurrency attracts many criminals due to the easy access to money. An interesting story in this regard is that of the Phantom Wallet.
so long post Published on the official blog last week, Phantom explains key points regarding wallet security.
Phantom is a non-custodial crypto wallet designed to be secure yet easy to use, and is used by the Solana community due to its blockchain specific support.
Phantom Wallet: Crypto Attacks Averted
In this post, the author highlights the transaction preview feature. This allows users to see a kind of transaction preview in a manner similar to a firewall that identifies malicious transactions and warns the user before approving them.
This protects users from phishing attacks, pharming, etc. by providing real-time alerts to users. Alerts are provided by specialist company Blowfish.
blowfish Analyze transactions before they are finally approved by users, looking for anything that looks suspicious.
The author of this post claims that Phantom’s transaction preview has so far scanned over 85 million transactions and prevented over 18,000 fraudulent transactions aimed at stealing funds from users. Last month alone, over 3,000 users would have been protected in this way.
So these are not direct attacks on wallets, they are very difficult to attack because they are non-custodial, but they are aimed directly at users.
In particular, Blowfish uncovered a number of transactions that were directed to blacklisted addresses, or were incorrectly calling the setAuthority function, or were attempting to circumvent controls. In some cases, actual attempts to empty the wallets of unsuspecting users have been uncovered.
Blowfish not only checks for suspicious domains and websites, but also for suspicious tokens and attempts to obfuscate smart contract code.
As such, these are not attacks directed at the Phantom Wallet, but Blowfish detect them through various tools and external analysis of the attacker. crypto industry.
successful attack
On the other hand, it is well known that many successful attacks aimed at illegally obtaining the tokens of users of this wallet and other wallets are still ongoing.
In fact, it’s impossible to verify every smart contract and every recipient address, and even if you do, it’s often difficult to tell if it’s really fraudulent.
In theory, it’s impossible to completely prevent users from sending money to scammers, so users should be the ones trying to protect themselves. Sure, though, there could be some help from a service that knows its industry better, and could alert users to possible problems.
low percentage
Of the 85 million transactions examined by Phantom, only 18,000 turned out to be suspicious. We are by no means certain that nothing else escaped Blowfish’s scrutiny, but 18,000 out of 85 million is about 0.02%, a negligible percentage. This means that 99.98% of his transactions turned out not to be suspicious.
However, in all fairness, the large-scale attacks that make money for token thieves aren’t aimed at smaller investors. They are primarily intended for smart contracts or exchanges where large amounts of funds are deposited.
In these cases, it’s rarely phishing or social engineering, but more often it’s actual hacking that exploits technical vulnerabilities.
Non-custodial wallets such as Phantom do not have these vulnerabilities, especially if the code is open source, i.e. publicly available and verifiable by anyone.
Hackers therefore rarely turn their attention to uncustodial wallets, but they can suffer from technical vulnerabilities and use tools or platforms that could yield huge profits if hacked. I like it.
Instead, scammers prefer to target ordinary users, exploiting behavioral vulnerabilities, especially ignorance, carelessness and superficial ones, rather than wallet vulnerabilities.
Nevertheless, the overall percentage of suspicious or fraudulent transactions within the crypto sector is not particularly high as the majority of transactions are correct and legitimate.
The problem is that, in some cases, large numbers of tokens are stolen in just a few fraudulent transactions, and multi-million or even billion-dollar thefts in this space are not as rare as one would like.
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