On the Radar: Securing Web 3.0, the Metaverse and beyond
Summary: Cisco Talos describes Web 3.0 as a transition driven by cryptocurrency, blockchain, decentralized applications and decentralized storage, with the Metaverse tying user identity directly to a cryptocurrency wallet that holds digital assets and in-world progress. The report notes cryptocurrency already has over 300 million users globally and a market capitalization well into the trillions, and that some of the largest losses in the space have come from hackers exploiting smart contract bugs.
Key Takeaway: A $69 million Beeple NFT's image resolves through a URL pointing at a standard web server, so if that domain goes down or the company folds, the hosting of the artwork is negatively affected - and many NFT smart contracts let their developers rewrite that metadata URL later, as the Raccoon Secret Society project did by repointing every NFT to a pile of dead bones.
Read the original at Cisco Talos ↗
- Topics
- Phishing & Social Engineering
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