NFT Marketplaces Become the New Target of Cybercriminals

MetaversePlanet June 7, 2022

0 1 minute read

NFTs have emerged as significant digital assets in art, music, games, and various other fields. Emphasizing that there is a considerable user base willing to pay substantial amounts in cryptocurrencies for these works, Yusuf Evmez, the Country Manager for WatchGuard Turkey and Greece, points out that NFTs, often appearing as publicly accessible JPEG and PNG collections online, have become a new target for cyber attackers.

Evmez notes that malicious cyber attackers employ different tactics each time to target NFT marketplaces and users. He warns users to be vigilant and not to compromise their data in the face of evolving threats in the NFT space.

What security risks await users?

NFTs, applicable to various digital file types such as photos, videos, and audio, grant access to the original file to anyone, not solely limited to the NFT recipient. While NFTs are secured on blockchains to offer proof of ownership distinct from copyright, copies of the digital items remain accessible for acquisition by anyone.

Yusuf Evmez highlights the lack of governance and regulation in the NFT space, akin to the broader cryptocurrency landscape. He points out the heightened risk of exposing sensitive information, especially with the use of smart contracts for processing payments and managing crypto transfers.

Emphasizing the vulnerability to cyber attacks, Evmez notes that attackers can compromise a user’s crypto wallet through malware or phishing attempts. NFTs can be stolen by transferring them to other wallets or marketplaces. He stresses the importance of blockchain expertise and the precautions users must take to avoid phishing scams and security vulnerabilities. Conducting thorough security audits is also deemed crucial in this unregulated space.