Unmasking Crypto Scammers: Evasion Techniques and Countermeasures
The post Unmasking Crypto Scammers: Evasion Techniques and Countermeasures appeared on BitcoinEthereumNews.com. Scams, malicious breaches, hacks, and cyber attacks have emerged as a significant bottleneck for the crypto industry. It has been a headwind in its trajectory to achieve super-exponential growth at par with its potential. In fact, between 2021 and mid-2022, more than 46,000 people together reported a loss of US$1 billion in crypto to scams. This volume refers to those reported to the United States Federal Trade Commission alone. According to Matt O’Neill, deputy special agent in charge of cyber for the United States Secret Service, in 2022, consumers in the United States lost US$2.6 billion in the scams, and crypto scammers are on track to surpass this number by 2023. These frightening numbers give birth to two critical questions: how do crypto scammers evade authorities and go unchallenged, and what can we do to stop them? How Crypto Scammers Evade Authorities Over the years, crypto scammers have come up with several evasion techniques, such as Spoofing, Morphing, Obfuscation, Poisoning, and Redirection, which cybersecurity network Forta highlights in its comprehensive research. In the following segments, we will look at each technique summarily, figure out how they work, whom they target, and how to nip in the bud. Spoofing Spoofing, which can occur through methods such as fake standard implementation, variable shadowing, bug exploits, and SYBILS, seeks to elude a diverse group of stakeholders like users, block explorers, reviewers, and security tools. To thwart these attempts, we can implement a range of strategies, such as monitoring multiple sources based on the specific standard being spoofed. Additionally, advocating for the deployment of tools that can scan the sources for duplicate definitions and polymorphisms is advised. For challenges like keyword shadowing, specific tools such as Slither Shine come equipped with specialized detectors. Similarly, when combating bug exploits, recommended strategies include symbolic testing, fuzzing,…
The post Unmasking Crypto Scammers: Evasion Techniques and Countermeasures appeared on BitcoinEthereumNews.com.
Scams, malicious breaches, hacks, and cyber attacks have emerged as a significant bottleneck for the crypto industry. It has been a headwind in its trajectory to achieve super-exponential growth at par with its potential. In fact, between 2021 and mid-2022, more than 46,000 people together reported a loss of US$1 billion in crypto to scams. This volume refers to those reported to the United States Federal Trade Commission alone. According to Matt O’Neill, deputy special agent in charge of cyber for the United States Secret Service, in 2022, consumers in the United States lost US$2.6 billion in the scams, and crypto scammers are on track to surpass this number by 2023. These frightening numbers give birth to two critical questions: how do crypto scammers evade authorities and go unchallenged, and what can we do to stop them? How Crypto Scammers Evade Authorities Over the years, crypto scammers have come up with several evasion techniques, such as Spoofing, Morphing, Obfuscation, Poisoning, and Redirection, which cybersecurity network Forta highlights in its comprehensive research. In the following segments, we will look at each technique summarily, figure out how they work, whom they target, and how to nip in the bud. Spoofing Spoofing, which can occur through methods such as fake standard implementation, variable shadowing, bug exploits, and SYBILS, seeks to elude a diverse group of stakeholders like users, block explorers, reviewers, and security tools. To thwart these attempts, we can implement a range of strategies, such as monitoring multiple sources based on the specific standard being spoofed. Additionally, advocating for the deployment of tools that can scan the sources for duplicate definitions and polymorphisms is advised. For challenges like keyword shadowing, specific tools such as Slither Shine come equipped with specialized detectors. Similarly, when combating bug exploits, recommended strategies include symbolic testing, fuzzing,…
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