- Trend Micro’s concern is about increased illegal and criminal activity in Metaverse.
- Its report points towards the developing security models in “darkverse.”
Metaverse Security and Development Vulnerabilities
Trend Micro is an American Japanese IT Security firm. It published its latest report that stated “Metaverse” as “Darkverse.” Metaverse having the increased vulnerability. And that may happen in the upcoming three to five years. Metaverse will become the place where it’s tough to track and watch any activity. The report has various privacy concerns, financial frauds, physical threats, augmented reality (AR) threats, social engineering and traditional IT attacks.
The firm report especially wrote about NFTs. That states “NFT ownership verified using blockchains. Hence they are susceptible to blockchain hijacking attacks. NFTs that rely on smaller blockchains could be vulnerable to a Sybil attack. This is where the attacker gains control of more than 50% of the peer nodes. That verifies transactions and thus can manipulate NFT ownership verification. Finally, a metaverse space may not honour the ownership asserted in the NFT as there is no legal reason to do so.”
Metaverse attracts criminal groups because of its massive e-commerce transactions. As per firm report, “In the metaverse, we will likely see more pump-and-dump schemes. Malicious actors will boost the value of digital assets. It is through fake recommendations, endorsements, and investments. And then dump the assets.” It also stated that the evaluation of virtual land depends on the perception.
The law enforcement companies will face the issues related to digital crimes. As the firm reported, “If a user defrauded or robbed and tried to get help. Then filing complaints, or filing legal actions become hard. The user will also be using decentralised digital currencies. It adds to the complexity of the situation” in its report.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.