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Types of Hacking #1. Phishing
The bigger the market size of crypto asset gets, the more phishing cases are reported lately.
These are some part of the phishing case, so please refer to it and take extra care in the future.
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Phishing
Literally the combinaiton of Privatcy + Fishing. The most common type of cyber attack.
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Typosquatting
- Seduces the users to sophisticated fake site, appearing on the top of the search, and are automatically connecting the users to that site, if they make any typ-o when trying to connect to the official site.
- Makes the interface very similar to that of the official service, tricking the users to undoubtedly insert their private keys.
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Email Spoofing
- Phishing emails are disguising themselves as if they are from the official service.
- This case sends a fake login page with a link with virus to steal the personal information ro directly requires personal information that an official service would never ask for.
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Smishing
- Literally the combination of SMS & Phishing, seducing the users to connect to harmful sites through SMS.
- They will steal important information by tricking users with fraud information like free coupons, and security settings
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Types of Hacking #2. Pharming
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Pharming
Pharming is regarded as one of the phishings, but they are technically based on different mechanisms. Unlike phishings that lead users to connect to fake websites through fake information, Pharming spreads the virus code to the usersโ devices and lead them to fake sites no matter which sites they try to connect to.
- Hackers spread the virus codes on usersโ digital device like PC and mobile, then contaminate DNS records
- The user who has hacked will be redirected and connected to the fake sites regardless of typing in the correct address.
- This is a very dangerous attack if the user doesnโt recognize that he/she has been hacked.
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Types of Hacking #3. Scam
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Scam
Scam literally means โconfidence trickโ, tricking others in gambling. In crypto market, scam is also used as a negative term, meaning, tricking the others to make trades based on false information. Crypto projects that used this trick are called Scam projects (a.k.a scam coin, for cryptocurrency)
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Scam is a type of crime that consists of the biggest ratio in crypto assets; the total scam reported was $7.7B om the United States 2021, increased by 81% from 2020. (Source: The Chain Analysis 2022 Crypto Crime Report)
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The scale of crime is far bigger beyond individual level; the following case of South Korea explains us more.
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Case 1. The so-called โSamsung Coinโ
- They recruited investors by stating false information such as that coin mining is possible with all Samsung Electronics products and that it has received an ICO license number from the U.S. Federation.
- They disappeared after collecting 21 billion won worth of investment from 1,300 people through continuous promotions.
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Case 2. Shin-Il Gold Coin
- Shin-il Group started promoting through various channels that it has discovered Donskoi, which contains 150 trillion won worth of gold bars, near Ulleungdo Island.
- The plan to issue Shin-il Gold Coin linked to 150 trillion won in real assets (gold bars) attracted investors, through holding investment briefings, but it turned out to be a fraudulent act that actually had no project substance.
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Case 3. Scam Sites Related to Doge-Coin (wowdoge etc,)
- There was a scams site that lured the users that if you deposit Dogecoin for a certain period of time, they will be given interests.
- This is a case of securing trust by installing actual mining and deposit and withdrawal functions, establishing a user-centered interface, and then closing the site after collecting a considerable amount of deposits by promoting high staking interest rates.
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Types of Hacking #4. Rug Pull
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Rug Pull
Also classified as one of the scams, Rug Pull refers to a way in which developers proceed with a project of coin and token that seems legitimate, receive investment from users, and then suddenly give it up halfway to reduce the value of coin and token. This is named Rug Pull because it is similar to pulling a rug and knocking the person on it over.
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The case of damage caused by Rug Pull has been extremely increasing.
According to Chainalysis, a company that analyze blockchain data, Rug Pull has caused 2.8Billion USD, which is 65 times more than last years.
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In particular, with a certain amount of technical know-how, new tokens can be created and listed on the Decentralized Exchange (DEX) at a relatively low cost, indicating that they are prevalent in the field of Defi.
There are several cases of Rug Pull damage in South Korea:
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โJindogeโ
- Jindoge which drew attention in May 2021 as Dogecoin's meme coin, is an example of a Rug Pull.
- This is a case in which developers sold about 15% of the total volume at once after issuing Jindoge Coin, causing market prices to plunge 97%.
- The developer closed its website and Telegram after the sale and they supposedly have earned about 2 billion won to 3 billion won.
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โSquid Tokenโ
- This token was issued under the theme of Netflix's original drama 'Squid Game'.
- Developers promoted Squid as a game token in the 'Squid Game Project', which is based on the game motif in the drama.
- Squid, which once rose to $2,861 (about 3.4 million won) during the day, plunged to $0.00079 due to Netflix's announcement that it had nothing to do with the drama and risk warnings from cryptocurrency analysts.
- In the process, the developers supposedly have made a profit of about 2.1 million USD.
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