AI Trading

Following the recent high-profile NFT exploit that targeted Proof founder Kevin Rose, crypto Twitter started to highlight the security advantages of non-custodial wallets. Rose, who is the creator behind Moonbirds, a top NFT project, was a victim of a phishing attack on Wednesday.

The Hacker sent the Proof founder a message that granted them access to his wallet. The attacker would later make away with over 40 digital assets, including a valuable Autoglyphs NFT worth about $490,000 as of this writing.

After Rose revealed the exploit on his Twitter account, another Twitter user responded to the tweet claiming that Phantom, a Solana-based wallet, had cautioned its users of the same malicious website that attacked him. The wallet developer has since blocked it.

How Phantom Wallet Blocks Malicious Transactions

AI Trading

Phantom has a mobile app and a browser extension that users can use to buy or transfer their NFT collection, just like Metamask. The wallet founder Francesco Agosti says that initially, they manually did certain forms of blocking, but the process is getting increasingly automated over time.

Phantom reported on Wednesday that so far, it has scanned more than 80 million transactions and managed to block about 18,000 suspicious transactions. Agosti emphasized the importance of keeping up with the attackers, who tend to come up with new strategies every day.

However, the Phantom wallet founder acknowledged that Rose’s issue was different. The Proof founder signed a message and not a transaction. Currently, Phantom does not scan messages, but Agosti says the firm is considering scanning them soon.

What’s a Phishing Attack?

Phishing is the leading form of online attacks. Such scams can come through text, email, or social media. For example, a few days ago, the Robinhood exchange’s Twitter account got compromised by attackers who initiated a phishing attack impersonating the famous trading platform.

Phishing attacks usually request users to respond, regardless of the transmission method. In most cases, the attackers would want you to reply to a text message or click a link connecting you to a scam website. Agosti says since all devices connected to the internet are potential targets, his wallet is always ready.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

James Davis

By James Davis

James Davis is a prominent crypto writer and analyst at Herald Sheets, recognized for his well-researched articles and thorough analysis of the dynamic digital currency market. Holding a degree in Economics from Harvard University, James combines his academic background with a keen interest in cryptocurrency to provide readers with the latest industry insights and trends.