The decentralized finance (DeFi) world currently remains very vulnerable to exploits. Hackers have also found out about this, because compared to 2021, approximately 37% more was stolen via DeFi in 2022.
Scams and fraud are still common
These exploits are not necessarily good for the companies working within the DeFi industry. In fact, it damages the integrity of such companies and fuels skeptics from beyond space in their case against cryptocurrencies.
Web3 developers are now looking for possible solutions to combat this problem.
For example, a browser extension called ‘TrustCheck’ has been created to flag Web3-related scams before users proceed with them. This new suite of tools builds on that through a Web3 transaction check, website check, and smart contract check.
According to Ricky Pellegrini, the CEO of Web3 Builders, now is an integral time for the industry to prove its reliability. He supplemented this by saying the following:
It is an unfortunate truth that scams and frauds are still prevalent in the Web3 space.
Dozens of scams have already been discovered
The tools are reportedly already scanning around 30 million suspicious domains per day and checking for vulnerabilities in nearly 55 million Ethereum Smart Contracts.
As a result, according to Pellegrini, dozens of scams have already been discovered that have been reported on popular platforms, marketplaces and crypto exchanges.
Unfortunately, it is increasingly common for scams to be in the news, or for them to try to move the stolen money. The latter happened, for example, earlier this week, when North Korean hackers tried to launder money stolen from the Harmony Bridge attack. Do you want to know more about this? Click here to go to the relevant article.
Finally, the ‘Blockchain Bandit’ also recently moved around $90 million in stolen funds. This hacker, who emptied more than 10,000 wallets, stole 51,000 Ethereum (ETH) and 470 Bitcoin (BTC) in the process. Do you want to know more about this? Click here to go to the relevant article.