Cyber Threats
In this entry, we discuss a Web3 fraud scenario where scammers target potential victims via fake smart contracts, and then take over their digital assets, such as NFT tokens, without paying. We named this scam “Payzero”.
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Web3 is a lucrative emerging technology where many participants seek quick profit via the different methods of monetization for their online assets. What makes Web3 different from what’s typically called Web2 is that its users are not only participants but are also the owners of digital assets. Web3 users no longer employ the traditional user and password method for authentication. Instead, the user owns a pair of cryptographic keys and sign the messages. The signature is then used to validate and authenticate user actions.
Compared to Web2, this adds a new layer of complexity as the new paradigm…
