The Rise of Ice Phishing and Other Common Crypto Scams by Zac Amos

Enthusiasts often tout cryptocurrency as a more secure alternative to other digital payment methods. While the blockchain does have many cybersecurity advantages, it isn’t immune to hacking and scams. The emergence of new threats like ice phishing highlights these vulnerabilities. These threats don’t necessarily mean blockchain technology is unsafe, but they do warrant attention if users want to stay safe. Crypto can be just as, if not more, secure than traditional payments if users know what to watch for and how to respond. What Is Ice Phishing? Microsoft recently published a report detailing security threats to Web3 technologies, including ice phishing. In an ice phishing attack, criminals try to trick victims into giving away approval of their tokens. They do this by using smart contracts to hide their intentions. Smart contracts are blockchain programs that automatically execute after meeting predefined conditions. The example Microsoft gives is a token swap, where....