Numbers of record for crypto scams in the gaming and metaverse sectors

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    A recent study by Smart Betting Guide, by analyzing data from the REKT database, found that crypto fraud in the gaming and metaverse sector cost $43.7 million over the past year.

    Alarm bells are ringing for users in the crypto space who increasingly have to face fraudulent activities such as phishing, fake smart contracts, and exploits.

    However, although this phenomenon appears to be on the rise, the value of assets taken from the cryptocurrency market due to the total number of hacks in 2023 was lower compared to 2022.

    This data shows significant trend reversals, with the exception of the category of cross-chain bridges, which amplifies the technical vulnerabilities of some operations occurring on the blockchain.

    All details are below.

    Games and Metaverse: $43.7 million worth of theft and crypto fraud in 2023

    The company “Smart Bettin Guide” highlighted the following points in a recent study conducted by analyzing the data present in the REKT database: Alarming numbers regarding cryptocurrency fraud in the gaming and metaverse space.

    In 2023, cybercriminals will steal various decentralized protocols belonging to these niche markets, totaling approximately $43.7 million.

    While this number itself represents only 2.5% of the amount of money users have lost in the cryptocurrency world over the past year (a total of $1.64 billion) due to various types of hacks and exploits, it is This highlights the increasing sophistication of fraud. .

    Games and Metaverse will be the sixth most targeted category in 2023. After the cross chain bridge, CeFi platforms, Polygon's lending protocol, Binance's decentralized network, and Ethereum's DEX.

    Particularly in the field of crypto games and virtual worlds, traps for inexperienced users are becoming increasingly sophisticated and, in some cases, involve AI technology, making it difficult to distinguish them from truly legitimate ones.

    Scammers may attempt to develop relationships with victims with the goal of creating a “fake friendship” and lowering their defenses. Once the goal is reached, the scammers use various methods to extract valuable data and money from users' pockets.

    Specifically, the vulnerabilities reported by REKT in this context range from phishing theft attempts, to fake virtual exchanges in the metaverse, to NFT fraud, to the use of malicious smart contracts.

    Companies like GameStop, Microsoft, and Best Buy are concerned about the increasingly frequent theft of digital assets within their gaming platforms. This is because these companies mainly offer the possibility of paying for games in cryptocurrencies and could become the next targets of hackers.

    According to REKT data, the most affected games/metaverse projects in 2023 are Stake Wallet, MetaPoint, Ocean Venture, Tales of Elleria, Syncspace Aury, Doglands, and Mars Meta Space.

    Computer security experts advise careful monitoring during this period, as this period has historically proven to be one of the most lucrative for hackers in the world of cryptocurrencies.

    Overall, with the exception of December, the odds of falling victim to a crypto scam are higher in the first half of the year than in the second half.

    Always check the origin and authenticity of links you find on the internetalways double-check verified channels for the project in question, use malicious smart contract reporting tools like WalletGuard, and never trust anyone when financial ethics are involved.

    These small precautions could save your wallet.

    Here's what igmas Pekarskas, CEO of Smart Betting Guide, reports on the prevalence of cryptocurrency fraud in the context of gaming and the metaverse.

    “Some platforms, such as the Metaverse and the gaming space, are more susceptible to cybercrime than others. Always do your research and due diligence before transacting on any of these platforms. If you see prices that seem “too high to believe” or unidentified items for sale, scammers may be tempted to try to steal your money, especially if you are purchasing a highly exclusive or popular game item. Be careful as they will try to take advantage of your interest. ”

    Hacking and exploits will decrease overall in 2023, but incidents on bridges will increase

    Beyond the scary numbers in the Games/Metaverse category; Cryptocurrency fraud and hacking trends in 2023 web 3 Overall slowdown compared to 2022 When the real catastrophe happened regarding cryptographic protocols.

    According to data from DeFiLlama, total exploits over the past year involved assets that were worth more than they were worth. 1.4 billion dollars, Mostly in March, July, September, and November.

    The most attacked projects are Euler Finance, Mixing Network, poloniexAtomic Wallet.

    Cryptocurrency scam Metaverso

    In 2022, the total amount of cryptocurrencies stolen by hackers will be $3.2 billionThis represents 41.6% of all thefts on blockchain ever recorded.

    March, October, and November were record months for cybercrime targeting infrastructure such as the Ronin Network, Binance Bridge, and FTX exchanges.

    Cryptocurrency scam Metaverso

    Anyway, in 2023, along with gaming platforms and the Metaverse, there were categories that saw a high amount of fraud and theft.

    we are talking about Cross-chain bridges are hackers’ absolute favorite target People who exploit the immature interoperability Techniques for obtaining huge illegal profits.

    Since its construction, the bridge has lost approximately $2.83 billion. Cases such as Ronin, BSC TokenHub, Wormhole, Multichain, Nomad, Horizon, Heco, Orbit have been the most profitable hits.

    Due to the growing need in decentralized finance to quickly and economically move assets between multiple blockchains, solutions that have a high risk of technical vulnerabilities in their code and have not yet been tested by the community More and more bridges are looking for

    Over the past two years, as revealed in a recent study by Chainaosis, These protocols were extremely useful to North Korean hackers who laundered over $1 billion. Protected from other illegal transactions performed on the network.

    hacked bridge

    What the field is hoping for now is that new interoperability solutions like LayerZero and LayerZero emerge. chain link CCIP can bridge this gap, making it simple but at the same time securely transferring assets in multi-chain mode without the risk of encountering crypto fraud.


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