The evolution of technology goes hand-in-hand with the development of the internet. Starting from Web-1, and moving to Web-2, we are now on the verge of witnessing a new internet iteration with Web-3.
Web-3 was envisioned by Ethereum co-founder Gavin Wood with the goal of creating an internet that is not based on user trust. However, it is still in its early stages of development and is still susceptible to hacker attacks. These hacker attacks and the early instability of Web-3 could also negatively affect cryptocurrency prices, such as the Ethereum price.
Read along to know more about the Web-3 internet service, how hacking has slowly taken over, and how to protect yourself from hackers.
Decentralized applications or dApps are already a part of Web-3 and are easily accessible. However, these apps do not fully utilize Web-3’s functionalities. Most work to fully launch the internet’s third version is still ongoing.
Many real-life examples are being made operational all over the world every day. For example, the latest Twitter thread shows a Web-3 scam, the victim being the founder of Arrow, a DAO (Decentralized Autonomous Organization). He was on the way to losing all his Ethereum in a social engineering scam built by hackers.
This scam started with a user termed ‘heckshine’ who informed thomas.eth on a platform called Discord, representing their keen interest in Arrow while helping them. Heckshine introduced Thomas to a person who works for a metaverse project and is passionate about VTOL. This went on to several exchanges, followed by a launch of a staking app and a proposal offer of two distinct NFTs to Thomas. It got tricky when Thomas asked the NFTs to be transferred to his hot wallet. However, the person insisted on transferring it to his primary wallet. A wise move by Thomas made him ask for a contract before the actual transfer of the NFTs to his wallet. When the interlocutor started getting pushy, Thomas suspected him and realized that the NFT tokens he allowed were not Ethereum but aWETH. Quickly, he moved all his NFTs to a different ETH domain.
Todd Kramer, a famous NFT collector, was also a victim. He lost 16 of his BAYC (Bored Ape Yacht Club). Several others faced such hacking incidents. Kramer, unlike Thomas, lost his non-fungible tokens in a phishing attack when he accidentally clicked on a link resembling an NFT decentralized application. The NFTs that were stolen are estimated to be around $2.2 million. Fortunately, he was able to recover some of them.
There are certain methods or actions you can adhere to in an attempt to keep yourself safe while you are diving into the growing world of Web-3 internet applications.
Web-3 has still not completely established its base and is yet developing, so you must figure out a lot about it. The first safety measure is not connecting your wallet to any random decentralized application, as it can be a trap to steal your funds. If you wish to connect it, make sure the dApp is authentic.
While connecting with people over Discord or Telegram, ensure you don’t trust people with link sharing. These links direct you to your personal data and help the hackers for easy loot. You never know the actual intention of a person. So, trusting them with links might not be a good choice, as you might lose your privacy and fun.
Talking to random people over online platforms can be risky. Communicate with verified user profiles over these platforms, especially when discussing financial implications. Anyone reaching out to you should be a person of purpose and not just a random being interested in chatting.
Security has become a major concern associated with Web-3. Web-3 will be successful only if these hacking stories end and these challenges are resolved while making a safe space for the users where the hackers cannot steal the users’ funds.
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