Security Startup Issues Important Safety Warning To Crypto Investors

Blockchain security outfit Dilation Effect has advised crypto investors to restart their phones on a weekly basis, an approach that may ward off scam from these bad actors.

Combating Scams by Restarting Your Phone

The firm acknowledged that attacks on mobile phones are usually carried out through text messages or even through browsers. Once an attack is successfully established, a malware known as Trojan is implanted. Restarting devices with such attack history would mean that a hacker need to rerun the exploit code. Ordinarily, once the restarting process is completed, the malware would be gone.

📱为什么要每周重启一次手机？

美国NSA国家安全局前些天发布过一则安全提醒，建议用户每周重启一次手机（关机再开机）。每周重启手机这个小小的操作对预防攻击能起到什么作用？ Dilation Effect 尝试做一下分析。

— Dilation Effect 膨胀效应 (@dilationeffect) June 19, 2024

However, there are several cases where the Trojan remains and this usually suggests that the hacker has mastered the vulnerability in such system. It could also mean that the attack code needs to be run again. If the exploiter tries to attack the secure boot of the mobile phone and rerun the exploit, it is very likely that the victim may discover what is about to happen.  Therefore, a weekly restart may be necessary if crypto investors want to keep their funds, per Dilation Effect’s X post

The security agency also recommend that iPhone users turn off their iMessage function permanently. Dilation Effect offered these advices as a follow-up to an initial article by the United States National Security Agency. The organization originally talked about the benefits of restarting one’s phone at least once in a week.

AI-generated Crypto Scam Plaguing Web3

The conversations surrounding security underscores how often crypto investors have come under the attack of scammers and other bad actors. Compared to 2022, one could say the activities of hackers have significantly reduced. This tone down in theft could equally be hinged on tactics these bad actors are exploring to carry out their illicit activities.

Recently, the crypto ecosystem have seen bad actors leverage Artificial Intelligence (AI) for their operations. At the beginning of this year, the frequency of such scams forced the Commodity Futures Trading Commission (CFTC) to raise a alarm.  The regulator released a notice titled “Customer Advisory: AI Won’t Turn Trading Bots into Money Machines,” with the aim of cautioning the public about fraudulent schemes that misuse AI technology to attract investors with promises of high returns.

Some of the victims of such AI-generated crypto scams are Ripple CEO Brad Garlinghouse, Ethereum co-founder Vitalik Buterin and Singapore Prime Minister Lee Hsien Loong.

Read More: Kraken Responds to Extortion Attempt Following Security Breach