- cc: Twingatehq cybersecurity phishing
The Web3 ecosystem has continued to grow at an unfathomable pace over the last couple of years, with somesuggesting that by the end of the coming year, this fast-evolving space will be worth $6 trillion, growing at a CAGR of 44.6% between 2023 to 2030. However, this enormous growth has not been without its fair share of problems, with security issues — particularly phishing attacks — rising dramatically in recent months.
Lastly, the study states that over the first half of 2022, various hacks and exploits compromised over $2B. For perspective, this figure is already more than the total volume of funds lost during all of 2021. Researchers also believe this number will continue to rise in the near- to mid-term.
To this point, most phishing scams use social engineering tactics where hackers send messages to their potential victims. These typically involve letting them know about a lucrative token launch, potential account breach, moonshot projects that can allow them to maximize their capital within days, etc. Furthermore, a vast majority of these messages require users to act within a fixed time window, thus playing up the element of FOMO in victims’ minds.
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