Are Blockchain and Web 3.0 under cyberattack?




With the rise in Web 2.0, we saw credential phishing attacks during which bank details and other credentials of the users were stolen past directing them to illegitimate sites that seemed original. Now with Web 3.0 technologies on the ascent, we have once more started witnessing the same trend in the form of phishing attacks.

Web3.0 is the latest buzzword in the tech world. Built on blockchain technology, Web3.0 makes the third version of the internet decentralized. Blockchain, which is besides the foundation for cryptocurrencies and NFTs, is an extremely secure environs that allows us to hold funds in a not-custodial wallet secured by a private key known only to us and sign immutable smart contracts. Blockchain is considered secure as it does non allow the aforementioned cake for two separate transactions. Along with gaining immense popularity among people, blockchain has as well managed to come under cyber-attack despite its loftier-level security measures.

Microsoft has also warned well-nigh the threats that can affect the blockchain. According to Microsoft, there are different types of phishing attacks in the web3 globe. They say that the applied science is still in the evolution stage, and new types of attacks may also emerge. The team says that the immutable and public blockchain enables complete transparency, therefore an attack tin can be observed and studied and that it also allows cess of the fiscal touch on of attacks.

Suggested Reading: What is Privacy Engineering and how it acts as an enabler of Digital Innovation?

How has the blockchain been attacked by the cybercriminals in the past?

  • 51% attack: Information technology refers to a grouping of miners who command more than than l% of the network’due south computing rate. The attackers tin can interrupt the recording of new blocks by preventing other miners from completing blocks. They will also be able to contrary transactions that were completed while they were in control of the network.
  • Phishing attacks:Using the phishing technique, the attacker tricks the user to sign a transaction that delegates his blessing to employ his tokens rather than stealing the user’due south private keys. In the Badger Dao phishing attack in November-December 2021, the assailant was able to bleed around $ 121 million.
  • Routing attacks: In this blazon of assail, the hackers intercept data of the user during existent-time information transfers by dropping connections in between or hijacking the IP prefixes.
  • Sybil attacks:
    In the Sybil attack, hackers endeavor to gain disproportionate influence over the honest nodes on the network past creating enough imitation identities so that they can refuse to receive or transmit blocks, blocking other users from a network.
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Blockchain is lucrative for hackers as at that place is a lot of money and tokens involved. As the blockchain is continuously growing, it is becoming difficult to regulate it. Attackers detect weaknesses in the system and accept advantage of the vulnerabilities for their gains.

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Source: https://www.dailyhostnews.com/are-blockchain-and-web-3-0-under-cyberattack