BlockchainNFTThe cybersecurity flaw that could cost OpenSea dearly

The cybersecurity flaw that could cost OpenSea dearly

A cybersecurity research company, has discovered a critical issue in the platform that puts many OpenSea members at risk. Fortunately, OpenSea is aware of the vulnerability and is working to address the security vulnerabilities.

The popularity of NFTs

The non-expendable tokens are still being discussed in the crypto world: Bored Apes, CryptoPunks and other popular NFT sell for thousands, and in some cases, millions of dollars. Whether you are the creator of NFT or the buyer, you have probably traded non-fungible tokens on one of the largest platforms in the NFT market, for example, OpenSea. However, for its popularity, you have to pay. It attracts crypto hackers who seek to steal vulnerable bidders.

OpenSea Critical Security Flaws

OpenSea allows users to mine any NFT digital artwork as long as they have one of the following extensions: JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, GLTF. It should also be noted that in order to buy and sell NFT on OpenSea, members must connect a cryptocurrency wallet (e.g. Metamask) to the platform. Users need to replenish their wallet with cryptocurrencies (usually Ethereum) to pay NFTs and / or gas fees.

According to laptopmag.com, to test the security of OpenSea’s network, the Check Point Research team acted as a hacker and injected malicious code into an SVG image intended to trick unsuspecting victims into abandoning their cryptocurrency wallets. . As the video shows , the “intruders” were successful.

Fortunately, this opportunity no longer exists in the NFT market. “OpenSea and Check Point, together, have corrected this shortcoming,” the report says. 

How the intruders acted

Before the security flaw was corrected, specialists from Check Point noted that hackers could steal cryptocurrency, tricking victims into clicking fake windows to approve a wallet after going over one of the links of third parties. For those who do not know: before buying (or mining) NFT on OpenSea, Metamask launches the window of the approval of a wallet by offering to authorize (or reject) the transaction. It’s a normal algorithm. However, if after clicking on a third-party link you see a wallet window where you are accidentally asked to enter your credentials, it means something has gone wrong and you should think about it.

“OpenSea does not request portfolio approval to view or click on third party links. This behavior is extremely suspicious and users should not confirm their portfolio if they are not related to specific activities on OpenSea, ”the report said.

Also Check:

Blockchain and crypto: What is proof of stake?

Czech Republic: Royal family launches collection of NFTs

The upward trend in the market for digital currencies

Check Point investigators have warned that buyers and sellers of NFTs on OpenSea should be careful when interacting with their cryptocurrency wallets. It’s easy to automatically approve transactions, and not notice the catch. It is therefore important to carefully consider the request and determine who it is from. “If in doubt, the request should be rejected,” the report advises.

Phishing isn’t the only way cryptos try to steal victims’ virtual assets. Therefore, before delving into the topic, we advise you to read documents about the tricks used by hackers, study the theory and start working.

Stephanie Evanshttps://www.newsalarms.com/
I'm the lady in charge of News Alarms, but also getting all the reviews up on the website, so you can thank me for all those shining stars – or blame me for a lack of them. I also spend my time working my SEO magic to try and coax the Google Juice to flow in our favor.

Latest news

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when it comes to blockchain and decentralized finance (DeFi). But it...

The 10 rules to prepare for the crypto bear market by the savvy investor

While the Bitcoin and cryptocurrency market reached a record capitalization in November 2021 (nearly $ 3 trillion), the memories left by...

Latin America’s E-commerce Giant Opens Up To Buying Bitcoin

Bitcoin (BTC) and cryptocurrencies are increasingly accepted every day for payments for goods and services . This time, it's the South American...

Binance Welcomes Arbitrum – Ethereum’s Second Layer!

For many months, the Ethereum (ETH) network has faced massive congestion resulting in higher transaction fees . Fortunately, second-layer solutions continue to...

The Bitcoin forever changed by this evolution

As of June 12, 2021, the Bitcoin Network (BTC) has been patiently awaiting the entry into force of its Taproot...

Regulation and taxation on cryptocurrency mining in Russia

The Duma wants to regulate Bitcoin and cryptocurrency mining in the country. The laws would notably make it possible to...

Must read

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when...

The 10 rules to prepare for the crypto bear market by the savvy investor

While the Bitcoin and cryptocurrency market reached a record capitalization in...

Latin America’s E-commerce Giant Opens Up To Buying Bitcoin

Bitcoin (BTC) and cryptocurrencies are increasingly accepted every day for...

Binance Welcomes Arbitrum – Ethereum’s Second Layer!

For many months, the Ethereum (ETH) network has faced...

The Bitcoin forever changed by this evolution

As of June 12, 2021, the Bitcoin Network (BTC)...

You might also like
Recommended to you