Quick take:
- The Sandbox has hired security firm BrandShield to prevent fraud from its marketplace.
- The metaverse gaming platform has taken the decision following rising cases of NFTs and gaming exploits.
- BrandShield will analyse and classify cyber threats to mitigate attacks on crypto wallets.
The Sandbox has secured the services of the leading online threat detection firm BrandShield. The metaverse company is looking to prevent its users from NFT fraud and crypto wallet exploits.
BrandShield identified and removed 120 phishing sites and 58 fake social media accounts in March and April. The cybersecurity company analysis and classifies cyber threats to mitigate attacks on crypto wallets.
The Sandbox has taken this decision following the recent rise in the crypto wallet and bridging protocol exploits. The company’s metaverse platform allows users to earn income from their playing activity and by trading in-game items.
Recently, hackers have been targeting blockchain gaming platforms by exploiting their bridging protocols that connect communities to third-party blockchains.
In late March, one of the world’s most popular blockchain gaming ecosystems Axie Infinity’s Ethereum bridging protocol Ronin was exploited for a whopping $625 million, Vulcan Forged’s NFT gaming marketplace was also hacked, forcing the metaverse gaming company to refund $140 million to the victims of the hack.
With hackers stealing more than $1.2 billion from various NFTs and crypto gaming platforms this year, The Sandbox is taking proactive action to ensure its community does not become the next victim.
Often, hackers use phishing links to trick unsuspecting users, and BrandShield will be able to identify them before they become active.
“In the open metaverse, users should be able to enjoy their true digital ownership rights and have new ways to create, store and trade value while having fun rather than having to worry about online threats,” Sebastien Borget, COO of The Sandbox told Coindesk.
“With its ability to monitor and protect against these attacks, BrandShield is a strategic partner to help identify faster and take down phishing attacks and various online threats from brand impersonators and bad actors,” he added.
Borget said The Sandbox is also looking to engage its users in an educational program about fraud prevention methods.
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