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A new CertiK series giving users bite-size tips and info to stay informed and safe in the #crypto space. Episode 10: What is an Online Attack? Learn about #onlineattacks and more in under 2 mins!
Through decentralization, blockchain technology can improve the safety of online activities. Many online attacks use Attack Vectors to exploit system weaknesses. DDoS, Eclipse, and a 51 Percent Attack are three common types.
A DDoS, Distributed Denial of Service, attack, occurs when hostile hackers overload a network with requests. In blockchain, DDoS target crypto exchanges or mining pools. They disable a network's ability to serve users.
Eclipse attacks control a single node inside an artificial environment. An attacker can manipulate communications with surrounding nodes to perform illegal transactions by isolating a node.
When an assailant obtains control of 50% or more of a network's mining hashrate, it's called a 51 percent attack. The individual can submit fraudulent transactions, making the blockchain centralized. 51 percent attacks become difficult as a blockchain network increases in the number of honest nodes.
Blockchain analytic tools such as CertiK’s Skynet help with online attacks by monitoring on-chain activity.
To learn more about online attacks visit CertiK.com/resources.
Bite Size Blockchain
A new CertiK series giving users bite-size tips and info to stay informed and safe in the #crypto space. Episode 1: What is a Rug Pull?
Check it out to learn what a #rugpull is, how it happens, what to look out for, and more!
Rugpulls are one of DeFi's most common frauds. They occur when a project's founders depart and liquidate their tokens on the open market.
Scammers exploit the features of a decentralized exchange, known as a DEX, to pull off their rugpulls. They often pair their token with a real asset for purchase.
As their token skyrockets in price due to hype, the founders liquidate their tokens on the market, once they have made enough money from the pairing of the real asset, causing the value of their tokens to crash.
Here are some indicators of a rugpull.
One, the yields are too high. Two, the creators remain anonymous. Three, the coin prices skyrocket. Four, there are extensive marketing tactics, and five, there is no liquidity lockup.
To learn about rugpulls and how to avoid them, visit CertiK.com/resources.
Bite Size Blockchain A new CertiK series giving users bite-size tips and info to stay informed and safe in the #crypto space. Episode 5: What is Blockchain Analysis? Check it out to learn what blockchain analysis is. https://www.certik.com/resources