- A recent study by Immunefi, a security auditing company, revealed that in 2022, 46% of crypto losses were attributed to Web2 vulnerabilities.
- Within Web3 vulnerabilities, the report identified three main categories: design flaws, implementation flaws, and infrastructure weaknesses.
- The study highlighted the shift towards a more community-driven approach to Web3 security, with increased collaboration among projects, users, and security experts to address vulnerabilities.
- To brace for the 2024 bull cycle, the report suggests that Web3 projects invest in security measures, conduct thorough testing and audits of their smart contracts, and actively engage with the security community.
- By adopting these measures, Web3 projects can fortify themselves against the expected rise in hacks and exploits as cryptocurrency prices surge once more.

Amidst the prevailing concern over the hazards within Web3 technology, discussions abound regarding its inherent risks, from the peril of losing investments to rug-pulls, scams, and hacking incidents.
The discourse unveils a compelling narrative, attributing the vulnerabilities and losses not solely to Web3 but also highlighting the culpability of Web2 technology. This narrative, particularly prominent during the 2022 bear market, spotlighted major exploits like the BNB Chain, Ronin, and Qbit hacks, tarnishing Web3's reputation. Instances like the Terra Ecosystem crash, wiping out billions in a day, serve as stark reminders of the sector's susceptibility.
However, a fresh perspective emerges: Could Web2 be equally responsible for these crypto losses? Recent findings from security audit firm Immunefi suggest so. Contrary to popular belief, it's not solely bad smart contracts driving the hacks; nearly half, approximately 46%, stemmed from flaws within Web2 infrastructure.
Immunefi's in-depth analysis also reveals common vulnerabilities across both Web2 and Web3, such as leaked private keys, weak encryption, and DNS hijacking. The report categorizes security loopholes into three groups: design flaws, implementation glitches, and infrastructure weaknesses. Each category poses unique threats, as seen in exploits like the BNB Chain bridge hack, QBit hack, and Ronin bridge attack.
Looking ahead to the 2024 bull cycle, Immunefi's report forecasts a pivotal shift. Emphasizing the indispensable role of Web2 security alongside Web3, it underscores the vital role of user interface and a community-driven approach in fortifying security. As crypto projects gear up for the anticipated surge, the report advocates investment in security measures, meticulous testing and auditing of smart contracts, and active engagement with the security community.
While this insight serves as a guiding beacon, it's crucial to acknowledge the inherent volatility of cryptocurrencies. The Voice of Crypto aims to provide accurate information; however, readers are encouraged to conduct their research and exercise prudence in financial decisions within this unpredictable landscape.

#web2 #Web3Wallet #Web3 #loss

- MS Drainer's Deceptive Tactics: Exploiting Google Ads and X (previously Twitter), MS Drainer, a malicious tool, ensnared unsuspecting users into phishing websites.
- Enormous Financial Loss: Over a span of 9 months, this tool managed to siphon off a staggering $59 million from approximately 63,000 victims, highlighting its devastating impact.
- Impersonation of Legitimate Platforms: Scammers adeptly replicated URLs of reputable platforms such as Lido and DefiLlama, duping users into interacting with fraudulent links.
- Peak and Decline of the Scam: The fraudulent activity peaked in November, but its operations sharply diminished afterward, likely due to heightened awareness among users and the proactive blacklisting of these phishing links. Increased vigilance from potential victims and swift blacklisting procedures could have contributed to the decline of the scam's success rate.

Cryptocurrency scams persist in evolving forms, with some emerging as increasingly sophisticated and lucrative endeavors.
The Rise of Wallet Drainers: A disturbing trend in the crypto sphere involves the emergence of "wallet drainers" within blockchain protocols, enabling attackers to siphon crypto from unwitting users discreetly. Among these, MS Drainer stands out as a notorious entity, identified in a recent report by Scam Sniffer for pilfering around $59 million in crypto from over 63,000 victims over a nine-month period, notably utilizing Google Ads as a primary tool.
MS Drainer Unveiled: Previously sold through darknet forums for approximately $1,500, MS Drainer offered scammers a comprehensive toolkit for conducting wallet draining activities. This nefarious software equipped scammers with a pre-packaged wallet drainer program, a monitoring dashboard for tracking profits and victims, ongoing support, updates, and guidance on maintaining anonymity while perpetuating theft.
Exploiting Google Ads and Phishing: Scam Sniffer's report highlighted MS Drainer's insidious tactics, leveraging fake ads resembling legitimate crypto sites such as Lido, Stargate, DefiLlama, Orbiter Finance, and Radiant. Employing URLs eerily similar to authentic sites, these fraudulent ads appeared in Google search results, redirecting unsuspecting users to phishing sites masquerading as the legitimate platforms.
Deceptive Techniques: Once directed to these deceitful sites, users were prompted to connect their wallets and grant token access, triggering the wallet drainer. This covert process silently siphoned victims' crypto holdings, swiftly transferring them to the scammers' control.
Magnitude of the Scam: Scam Sniffer's findings disclosed that MS Drainer's malevolent activities spanned from March to December 2023, pillaging nearly $59 million in crypto from a staggering 63,000 victims. Shockingly, over 10,000 fake websites utilized this wallet drainer. Additionally, around 60% of phishing ads on certain platforms exploited this malicious program.
Decline in Activity: While MS Drainer's activities surged during November, coinciding with the crypto market's rally, the nefarious actions have dwindled significantly. Potential reasons for this decline remain speculative, but increased vigilance among investors and blacklisting of scammer addresses by certain crypto platforms might contribute to this downturn.
A Broader Issue: MS Drainer isn't the sole malevolent force in the Web3 ecosystem. Inferno, another wallet drainer responsible for pilfering over $80 million, recently announced its retirement on Telegram, claiming a charitable donation of some proceeds.
Disclaimer: While striving for accuracy, Voice of Crypto disclaims liability for potential omissions or inaccuracies. Given the volatility of cryptocurrencies, independent research is advised for making informed financial decisions.
#scam #google #X #Twitter #loss