Police in Singapore Recommend Hardware Wallets

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Hey folks.

Well, hacks in the crypto world are now nothing new and scammers are looking for new ways to scam people in the crypto space. According to a report the authorities in Singapore have raised concerns about commercial crypto draining kits which can provide inexperienced cybercriminals access to sophisticated malware for free upfront.

A cybersecurity warning is issued to citizens in Singapore by the authorities after taking notice of the rising wallet drainers for stealing money or crypto drainers from investors in the industry.

A joint advisory is issued by the Cyber Security Agency of Singapore and the Singapore Police Force to raise awareness against cyberattacks by the crypto drainers, which target crypto wallets.

Crypto drainers are used by phishing attacks to take funds from users' wallets without their consent. Concerns from the authorities are raised about commercial crypto draining kits, which enable inexperienced cybercriminals to acquire advanced malware for free upfront.

As SPF and CSA pointed out, attacks that are related to crypto drainer start with phishing campaigns, which usually involve hacking into social media accounts that are prominent or sending out phishing emails to users from hacked databases of major service providers.

When unsuspecting victims click on the phishing links, they are redirected to a fake trading website where they are prompted to link their Web3 wallets. The victim's system is then compromised with a malicious smart contract, allowing hackers to withdraw funds without further authorization.

Such an attack is said to have not yet been reported in Singapore, according to the advisory, however, the practice has gained recognition among hackers.

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